What is a Short Sale?
Posted by mattputnick on January 1, 2008
A short sale occurs when a current homeowner is in foreclosure by his/her mortgage company and the homeowner/seller asks the lender(s) to accept less money than is owed on the loan(s) in order to facilitate a sale of the house. This approach is used instead of going into foreclosure and is sometimes referred to as the pre-foreclosure sale.
