 |
Short Sale |
| |
 |
What is a short sale? |
| |
| |
 |
A short sale is a situation in which a lender agrees to accept whatever the borrower can get for the property on the open market, and cancel the mortgage debt even if it isn't completely repaid. It's better on the owner's credit record than a foreclosure would be, and doesn't leave the borrower burdened with a judgment for the shortfall. But most lenders won't agree to a short sale unless the borrower is pretty much penniless. |
| |
|
Edith
Originally published on October 10, 2007 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
