SHORT SALE (OF HOUSE)
\ʃˈɔːt sˈe͡ɪl ɒv hˈa͡ʊs], \ʃˈɔːt sˈeɪl ɒv hˈaʊs], \ʃ_ˈɔː_t s_ˈeɪ_l__ ɒ_v h_ˈaʊ_s]\
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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. See also deed in lieu (or foreclosure).
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