Learn the truth about Short Sales
What is a Short Sale?
The term "Short Sale" is used in the real estate business to describe a situation where there is more debt owing against a property than the property is worth. In other words, the owner can''t sell the property unless the creditors ("Third Parties") agree to accept a payment that is less (or "short") of the amounts actually owed to those Third Parties. The Third Parties are usually mortgage lenders, mortgage insurers, bankruptcy trustees, and federal, state and local taxing authorities (such as the IRS or State Tax Commission).
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