All Forum Posts by: Susan Hofflander

If, in a short sale, the lender agrees to accept less money for the payoff than what the current owners owe, does anyone have to make up the difference? Will that then be a lien on the property for the new owners?

I am a beginner at this process. I've been doing some reading about the foreclosure process. Most of it makes sense to me, except what happens to the new "owner" (the person who placed the highest bid at the sheriff's sale) if the previous owners (who defaulted) have 1 year from the sheriff's sale to redeem their ownership? Does the new owner have to wait to move in?[/b]