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What is a Short Sale?

I’m going to make this a two part blog.  First, I’ll explain what a short sale is and how the process works.  Then, next week, I’ll tell you about possible ramifications and other parties involved.  A short sale is a sale in which the proceeds from selling the property is less than the balance of debts secured by liens (mortgages) against the property and the property owner cannot afford to repay the liens’ full amounts. The lien holders then agree to release their lien on the real estate and accept less than the amount owed on the debt.  Read the rest of this entry