reo: Definition of Short Sale
- 02/21/08 05:34 AM
Short sale (real estate) From Wikipedia, the free encyclopedia Jump to: navigation, search In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a … (1 comments)
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