A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage.
Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
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Bonnie Koff
Licensed Associate Broker
William Raveis Legends Realty Group
37 Main Street
Tarrytown, New York 10591
Phone: 914-332-6300
Fax: 914-332-6336
Cell: 914-403-3447
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