MLchartDataset catalogue

Short sale

Term · Law · MLC-T-LAW-004542

A sale of real property for less than the balance owed on the mortgage, completed with the lender's consent. The lender approves the sale and releases its lien, but whether it also waives the remaining deficiency depends on the agreement and state law. Short sales are used by owners who cannot keep up payments and whose property is worth less than the loan, as an alternative to foreclosure.

Table 1. Record
IdentifierMLC-T-LAW-004542
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004542",
  "term": "Short sale",
  "field": "Law",
  "definition": "A sale of real property for less than the balance owed on the mortgage, completed with the lender's consent. The lender approves the sale and releases its lien, but whether it also waives the remaining deficiency depends on the agreement and state law. Short sales are used by owners who cannot keep up payments and whose property is worth less than the loan, as an alternative to foreclosure.",
  "url": "https://mlchart.com/terminology/law/short-sale/"
}

Record 4,625 of 5,441 in Law terminology (MLC-0107). Request the full dataset.