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What's a Short Sale |
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what iS a short sale |
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When homeowners want to sell (or need to sell) and they owe more on the mortgage than the house is now worth, sometimes the lender will agree to take whatever they can get selling the place on the open market, and mark the debt settled. This allows the sale to go through.
Lenders have to agree to a short sale ahead of time. They have to approve the sale. ANd occasionally they still get a personal judgment against the homeowner for the remaining unpaid debt. |
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Edith
Originally published on February 21, 2010 |
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