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Friday, September 10, 2010

Another Version of a Short Sale...

A short sale in real estate occurs when the outstanding loans and liens against a property, after closing costs are paid, are greater than the proceeds from the sale of a home, and the lender agrees to accept this lower payoff amount. This occurs only when a home seller qualifies for a short sale through proving a hardship, and the lender agrees to this lower payoff amount.

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