A short sale occurs when a homeowner has
permission from their mortgage loan bank to sell there property at an amount
less than that which is due.
A Short Sale is an alternative to foreclosure,
which benefits the homeowner by relieving the homeowner of the responsibility
over the property and less damage to their credit than foreclosure. It offers
the most favorable alternative to foreclosures for banks as well by saving them
the hassle and expense of foreclosure proceedings.
