What Is a Sheriff's Sale? Foreclosure Auctions Explained
Warren Team
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Key terms
- ForeclosureA legal process where a lender takes ownership of a property when the borrower fails to make mortgage payments. Can severely damage credit and result in losing the home.
- Short SaleSelling a home for less than the mortgage balance with lender approval. Alternative to foreclosure but still negatively impacts credit score. Lender may forgive the difference.
- Wash Sale RuleAn IRS rule that disallows claiming a tax loss on a security if you purchase the same or a substantially identical security within 30 days before or after the sale. The disallowed loss is added to the cost basis of the replacement shares.
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