short sale
- A transaction where a home is sold for less than the balance owing on its mortgage, typically when the owner cannot meet mortgage payments and the lender agrees to avoid the costs of foreclosure
- Jane, facing financial difficulties, managed to sell her home through a short sale and avoid foreclosure.
- In order to avoid the long and costly process of foreclosure, the bank agreed to a short sale of the property.
- After losing his job, John managed to prevent foreclosure by opting for a short sale of his house.
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