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Short Sale |
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what is involved in a "short sale"? |
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If you have a house that can't be sold for enough to pay off the mortgage, sometimes the lender will agree to accept whatever you can get on the open market and forgive the rest of the debt. Usually they won't make that offer unless you're just about broke, with no assets that could be sold to make up the shortfall.
In certain situations, it's the only alternative to foreclosure. It's much better for your credit record (I believe the debt is reported "paid as agreed".) The lender usually reserves the right to okay or veto any offer that comes in, though, so there's some stress involved. |
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Edith
Originally published on May 7, 2008 |
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