What is short sale?
What is short sale?
A short sale is when the proceeds from sale of a property are less than the outstanding debt on the property: for example, if you owe $100,000 on your home and sell it for $80,000.
In this case, you can default on the $20,000 deficit or pay the difference out of your own pocket to the lender. We strongly recommend the latter for two reasons: It is the right thing to do, and not doing so will affect your credit score very negatively.
PS. You may want to check with your lender about procedures and solutions for selling your property if you owe more than it is worth.
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