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LeoGlossary: Short Sale

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leoglossary
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A real estate transaction that takes place between a distressed seller and the lender. In this situation, the mortgage is more than the property value.

Due to the financial hardship, all proceeds go to the lender, giving the property owner nothing. The advantage is the rest of the debt might be forgiven and one's credit history is protected. Foreclosure is a heavy mark on individual credit reports.

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