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When a lender agrees to accept less for a property than is actually owed on a property this is called a short sale. When the lender agrees to accept the short sale they have a few options. They can choose to accept the loss, as a tax write off for themselves. Lenders offen do this when they have large profit quarters. When lenders are not profitable they seek judgments and they want the seller to pay the tax burden. When the lender decides that they do not want the tax write off themselves they agree to the short sale and they … (5 comments)
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