In a short sale of property, the proceeds from the sale are less than the amount owed on the property loan. It is frequently the case when the lender would rather sell the property than try to get the amount due from the borrower. The homeowner and the bank both agree to do so because they mutually benefit. A foreclosure would involve large fees in the case of the bank. The borrower's credit rating would be adversely affected in that case. The borrower may still have to pay the defici...


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