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Sell the House in a Short Sale

In a short sale, you sell your house before it’s auctioned off in foreclosure, usually for an amount that falls short of what you owe on it. For a short sale to work, your lenders must agree to receive less than they are entitled to under the terms of the loans you signed. Why would they do that? They aren’t in the business of owning homes, and generally do a poor job of it. Also, foreclosures are expensive for lenders, who might not get all they’re owed anyway.