The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.

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This video describes what mortgage modification is, and how it can be a great option to avoid foreclosure as long as you can truly afford a "modified" or reduced payment. Agents who hold the Certified Distressed Property Expert (CDPE) designation are trained to help homeowners navigate alternatives to foreclosure, and can provide answers to the many questions surrounding America's foreclosure crisis.

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After discovering that the Making Home Affordable Program was not helping as originally anticipated, the feds introducted HAFA. Seems that the Making Home Affordable Program found some lenders not approving these loan modifications. In other instances, the homeowner/borrower did not approve of them (the terms were not acceptable), and sometimes those who did agree to them later found that they were unable to stay the new course, which left them with a looming foreclosure.

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A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.

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