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Illinois Mortgage Modification Glossary
- Short Sale:
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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