Understanding Short Sales

source: doctorshortsales.com

source: doctorshortsales.com

 

A short sale is the sale of a property for less than what the owner still owes on the mortgage. This is often used when a homeowner needs to sell and can no longer make the mortgage payments but would like to avoid going through a foreclosure. Lenders with sometimes agree to short sales because they believe that it get net them more money than going forward with a lengthy and costly foreclosure process.

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