What is a short sale?
A short sale is a sale of real estate in which the sale proceeds are insufficient to satisfy the mortgage debt. For example, if a property is sold for $100,000 but $150,000 is mowed on the mortgage, obviously the sale will not generate proceeds sufficient to pay the mortgage debt. The mortgage lender will sometimes accept less than the full amount owed and satisfy the mortgage on the property for the purposes of allowing the borrower to sell the property.
Foreclosure FAQ
- How long does the foreclosure process usually take in Florida?
- What are tax deed sales?
- What do I do after I am served with a summons and foreclosure complaint?
- What happens if I just mail the keys to the bank and walk away?
- What is a deed in lieu of foreclosure?
- What is a deficiency judgment?
- What is a judgment debtor’s examination?
- What is a lis pendens?
- What is a short sale?
- What is foreclosure?
- Why are affirmative defenses to a foreclosure different than just an answer with denials?
- Do I have to move out of my home during the foreclosure process in Florida?
- Does a tax deed sale provide a marketable title?