What is a Short Sale?
A short sale is the process by which homeowners can sell their home and the sales proceeds do not fully
pay off the existing loan(s) and the lender(s) accepts a discounted payoff to satisfy the loan.
This is accomplished by providing proper documentation to the lender(s) to convince them to reduce the
payoff balance to allow the sale. If the sale is approved, the home can be sold for a price lower than the
total debt on the property without the seller having to come up with immediate cash to cover the shortfall.
The mortgage is either fully or partially satisfied and any foreclosure process stops.
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