A Short Sale is a sale of real estate in which the lender agrees to take less than the amount owed on the debt, in return for the sale of the property to a third party, usually at no cost to the borrower and in most situations, the lenders will remove any further mortagage debt to the homeowner.
Short Sales are your best defense against Foreclosure. Additionally, short sales release homeowners from bad mortgage debt and provide a fresh start without major damage to your credit report.