Local Real Estate Blogs From Local Real Estate Agents
Local Real Estate Blogs From Local Real Estate Agents
A short sale is a sale of real estate property where the proceeds from the sale fall short of the balance owed on the loan secured by the property, but the mortgage lender agrees to discount the balance on a loan due to financial hardship on the part of the home owner in order to avoid a foreclosure proceeding. The home owner sells the property for less than the outstanding balance of the loan and turns over the proceeds of the sale to the lender. This is often considered full satisfaction of the debt, although that is not always the case.
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