What is a Short Sale (Short Pay, Pay Off)?
A Short Sale is a process where the lender will look at the loan(s) which you have with them and determine whether or not the house owes more than its Fair Market Value or has such a small amount of equity that if sold, could not cover the agent or closing costs. When they determine that to be true they will then consider discounting the loan(s) to reflect a price which will facilitate the property to sell on the market.
