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The basics on short sales.
What is a short sale?
A short sale is when the lender will accept less than the full amount due on a mortgage when a property is sold. Usually, the lender will accept the short sale to avoid the time and expense of a foreclosure.When a borrower is in default on a mortgage they not only owe back payments but also may owe late fees, attorney fees, etc.   These items may become very costly and may erase any equity the owner had in the property.  The lender may foreclose on the property if the borrower is not able to bring their account current.  Foreclosures are very costly to the lender and generally more expensive to the lender due to the extra costs such as: attorney fees, court costs, lost interest, eviction costs, property maintenance costs, and selling costs. Foreclosing on a property often takes as long as two years in certain states. With this being said, oftentimes it is in the best interest of the lender to accept the short sale.It also can be in the best interest of the borrower. The advantage to the borrower is they will not have to endure the time and stress of a foreclosure and their credit may not be as adversely ... more

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