How does a short sale work?
A short sale occurs when a homeowner sells their home for less than what they owe on the mortgage, and the lender agrees to accept the proceeds as full payment. It requires lender approval, extensive documentation, and typically takes longer than a traditional sale. It can help avoid foreclosure.
Why It Matters
A short sale can be a better option than foreclosure for both the homeowner and the lender, but it requires patience and professional guidance.
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