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Short Sale Dictionary; Buying a Short Sale in Owensboro, KY
 
Short sale:  occurs when the borrower sells the property for less than what they actually owe, thus the term “short sale”.
 
“Possible Short Sale”:  This is a property that has been put on the market prior to getting the lenders approval for a short sale.  Most short sale contracts will include language that says:  “subject to lender (lien holder) approval”
 
Foreclosure:  Property is sold at a court ordered sale to settle the debt owed to a bank or individual.
 
Bank Owned Property:   a.k.a. REO (Real Estate Owned) property.  Property taken into the banks’ inventory after a foreclosure sale.
 
Loss Mitigation Department:  Department at the bank that works with consumers on short sales, forbearance and loan modification agreements.  This department may also be called the Collateral or Work Out Department.
 
Foreclosure Department:  Department at the bank that oversees the foreclosure process once the borrower is in default.
 
Eviction Department:  Notifies homeowner of pending foreclosure and advises when they should vacate the property.  They may also hire third party companies to secure the property once vacant and maintain the property until sold.
 
PMI (Private Mortgage Insurance) Company:  The insurance company that will pay the lender ... more

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