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Short Sale |
| Published: September 22, 2007, 8:46 pm |
| Tags: nlc main, nlc loan originating, nlc real estate buying, nlc real estate selling, nlc banks, imploding banks, short sale |
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Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. Also Known As: Shorted sale Alternate Spellings: Short-sale Examples: If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full. [ Full article ] |
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