Short Sale: What Exactly Is It?

If you’re one of the nearly 23% of homeowners whose properties now are worth less than the underlying mortgage loan and you find yourself in a situation where you have to move (a new job, perhaps, or because you can no longer afford the payments on this house and are hoping to downsize), the only way to sell your house successfully is either pay the bank the difference between the sales price and your mortgage balance out of your own pocket… or convince the lender to accept less cash than you actually owe. Click to enlarge.

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