What is a Short Sale and is it an Option to Avoid Foreclosure?


For real estate owners who can no longer afford to keep current on their mortgage payments, a short sale is a possible alternative to foreclosure that can help preserve their credit and avoid bankruptcy.

A short sale is when a distressed owner finds a purchaser who is willing to buy a property for less than what is owed to the lender (bank) and the bank agrees to accept less than what is owed on the mortgage in full settlement of the seller’s obligations to avoid having to foreclose on the property.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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