What is a mortgage short sale?

Answer

A mortgage short sale occurs when the homeowner sells the dwelling for less than the remaining mortgage balance. It’s also known as a pre-foreclosure sale and it’s a foreclosure alternative. Your mortgage company must agree to the sale.

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The mortgage company receives the sale proceeds and the homeowner may or may not have to pay additional monies. A mortgage short sale will affect your credit score – knocking off between 100 and 160 points and remains on your credit history for seven years.

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