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What is a
short sale?
A short sale is a transaction in which the lender, or lenders,
agree to accept less than the mortgage amount owed by the
current homeowner. In some cases, the difference is forgiven by
the lender, and in others the homeowner must make arrangements
with the lender to settle the remainder of the debt.
Why is the number of short sales rising?
 Due
to the recent economic crisis, including rising unemployment,
and drops in home prices in communities across the nation, the
number of short sales is increasing. Since a short sale
generally costs the lender less than a foreclosure, it can be a
viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who
are “upside down” on mortgages because a short sale may
not hurt their credit history as much as a foreclosure. As a
result, homeowners may qualify for another mortgage sooner once
they get back on their feet financially.
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