What is the meaning of a short sale?

Answer A short sale is a real estate selling practice, where the lender of a mortgage agrees to accept less than the remaining balance due on the loan from the seller. Short sales became prevalent in the ... Read More »

Top Q&A For: What is the meaning of a short sale

What happens to a judgement balance in a real estate short sale in New York state. If there is no equity in the sale will the judgement be released?

In any state, Judgements are usually filed with a court. In order for the Judgement to be released, someone -- preferably the party that filed the Judgement -- must be satisfied before the Judgemen... Read More »

What is short sale approval?

A short sale is a real estate transaction where the seller accepts an offer to purchase for an amount less than she owes on her mortgage. The seller's mortgage lender must agree to accept the purch... Read More »

What is a bank short sale?

The Mortgage Bankers Association estimates an average 250,000 homes enter into foreclosure every three months; this is approximately one in every 200 homes. When faced with a looming foreclosure p... Read More »

What is a short sale deficiency?

A short sale means the borrower and bank agree to terminate the mortgage if the debtor sells the home and gives all to the bank. However, sometimes the sale price of a home is less than the balance... Read More »