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SHORT SALE

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A sale of a home where the proceeds of the sale are less than what the owner owes on the mortgage. Lenders may agree to accept the proceeds of a short sale and forgive the remaining amount owed under the mortgage when the owner clearly cannot meet the debt on the home. In this manner, the lender can avoid a lengthy and costly foreclosure. See also deed in lieu (or foreclosure).

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