short sale, underwater mortgage, pre-foreclosure sale, lender approval, distressed property, foreclosure alternative, mortgage default, hardship sale, debt forgiveness, loss mitigation

A short sale happens when a homeowner sells their property for less than what they owe on their mortgage. This type of real estate transaction requires the lender’s permission because they’re agreeing to accept less money than the full loan amount. While it might sound like a quick process, the term “short” actually refers to […]