A "short sale" is a coordinated arrangement between a homeowner and a lender that allows a proactive homeowner in financial distress to sell the home for less money than is owed prior to a foreclosure action. As a general rule, lenders will not discuss short sale options unless the homeowner is delinquent in mortgage payments.
“Foreclosure” is the process whereby lenders can unilaterally accelerate the sale of your home using the property as an asset of collateral determined by the "Deed of Trust" or another like instrument generally signed at the closing of escrow.
