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Short Sale


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.
I'm unable to pay my mortgage, but my bank agreed to allow a short sale.

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