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Compromised Sale
- Short Sale
If sale of
the property at current fair market value would
result in proceeds less than the total debt
outstanding.
Property is listed for sale at “as is” appraised
value.
The servicer agree to accept the proceeds of the
sale in satisfaction of the mortgage loan.
Borrowers may be asked to make a cash
contribution or sign an interest-free promissory
note for the all or part of the difference between
the proceeds from the sale of the property and the
amount owed on the mortgage.
- Benefit
Borrower
avoids the stigma and tax liability of a
foreclosure.
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