What is a deficiency judgment in a short sale?

Dec 5, 2024 ... A short sale is when the borrower or homeowner sells a property for less than what they owe on it. They're “short” on the amount to be repaid to the bank. A short sale occurs when the payoff loan balance exceeds the possible sales price of a home. If the owner is going to be upside down on the house in the sale ... Mar 26, 2024 ... How Does Short Sale Work? · The homeowner cannot make mortgage payments on the home. · The homeowner contacts their mortgage company to explain ... "Flopping" happens when a short sale lender approves a short sale based on a misrepresentation of the property's value. In a typical flopping fraud, the ... Court-ordered sale e. Sale in lieu of foreclosure f. Condemnation g. Short sale h. Bank REO (real estate owned) i. Auction sale j. Seller/buyer is a relocation ... Jan 10, 2023 ... In essence, a short sale is a loss mitigation strategy used to avoid foreclosure. Usually, it occurs when the owner of a mortgaged property ... A short sale is the sale of the home for less than the balance remaining on the mortgage. In a short sale, a borrower can sell the home and pay off a portion ... Real estate licensees are involved in short sales, where the sales price agreed upon is less than that owed to lenders by the seller. A short sale is when a distressed homeowner sells their property for less than the amount due on the mortgage. Apr 23, 2025 ... A short sale is when a homeowner experiencing financial hardship opts to sell their property, with lender approval, for less than the amount ...