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condos: Short Sales (Short Pay): A "Win-Win" Alternative to Foreclosure? - 04/01/09 09:49 AM
When foreclosure is looming for a homeowner, the short sale can be a creative solution.  Simply put, a short sale occurs when a lienholder or lienholders agree to take a lower payoff than the principal owed to them.  The short-sale scenario may be caused by excess fees and late charges that have been levied, closing costs and commissions due, back taxes, 2nd and 3rd mortgages, or even 100% interest only mortgages granted just before declining market values hit the U.S. home market.  The bottom line is there is no longer enough equity in the home for a traditional sale where seller … (1 comments)