A short sale is the last option for a homeowner to avoid foreclosure. The term comes from the fact that you are selling the home short, or for less, than what is currently owed. The lender benefits from this type of sale since it avoids the lengthy and costly foreclosure process, while still getting a portion of its money back.

Our article, "What is a Short Sale?" talks about the advantages and disadvantages to putting your home up for short sale and details the process of applying for a short sale.

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