What is a short sale?

Asked over 2 years ago - Moscow, ID

It sounds like it might be able to help me avoid foreclosure, but I'm not exactly sure what it is.


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Attorney answers (1)

  1. Lawrence M Garfinkel

    Contributor Level 10

    Answered . A short sale is when you sell your house for less than you owe on it. This can only be done with the lender agreeing to accept the reduced amount. If you have more than one mortgage on the property then this can be very complicated but still can be worth looking into. Good luck.

    The author of this posting is licensed to practice law in the State of Connecticut. This posting is intended as... more

Related Topics

Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

Buying a short sale

A short sale is an alternative to foreclosure in which you sell property for less than you owe on it, and your lender agrees to forgive the remaining balance.

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