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What is a Short Sale?
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Selling a Home in a Short Sale

A short sale is where a borrower sells a house typically for less than what is owed on the mortgage. The lender may come back to the borrower to collect the "deficit" (difference between what the house is sold for and what the borrower owed on the mortgage). But, in many cases, the deficit is forgiven. A short sale is different from a foreclosure in the respect that the lender never takes possession of the property. And, the owner doesn't receive any money from the proceeds of the sale. In the case of a foreclosure, if the house sells for more than what is owed on the mortgage, the owner will receive the difference after all fees are paid.

A Short Sale is when the mortgage lender or bank that holds that note agrees to accept a home sales price of fair market value for your property despite the mortgage balance totaling more than what the property is estimated to be valued at. The reality of today's market is one of steep drops in real estate values nationwide coupled with tighter credit requirements. The combination of the two makes a formidable opponent for someone facing an upcoming adjustment in their payments due to a high interest ARM.

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