What Happens If You Sell Your House for Less Than You Owe?
Homeowners can sell for less than owed by paying the shortfall at closing or obtaining a lender-approved short sale; each option has financial consequences.
What is a Short Sale in Real Estate? A Guide for Buyers and Sellers
A short sale happens when a homeowner sells their home for less than what is owed on the mortgage. The process has to be authorized by the mortgage lender.