what is a short sale? - 12/17/08 12:02 AM


A short sale is for many people a strategy that saves them from foreclosure. A short sale occurs when a lender is willing to accept less than the full mortgage pay off. This is called "shorting the loan" hence the expression "short sale." The lender absorbs the loss and forgives the Borrower's debt.
So, for a homeowner who finds themselves in the unfortunate position of owing more than the home is worth, a short sale may a solution
A home is a candidate for a short sale when all liens, plus costs of sale, exceed home's value. These liens … (0 comments)