1. Money
You can opt-out at any time. Please refer to our privacy policy for contact information.

Short Sale

By

Definition: When related to loans, a short sale is the sale of an asset for less than the loan balance. If you owe $250,000 on your mortgage but your home will only sell for $225,000, you may consider a short sale. A short sale as tax and legal consequences that you should be aware of, and your lender has to agree to the transaction.
Examples:
I'm unable to pay my mortgage, but my bank agreed to allow a short sale.

©2014 About.com. All rights reserved.