Business and Personal Finance Dictionary

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• PRE-FORECLOSURE SHORT SALE
  
  Mortgagor may sell the secured property for an amount that will produce insufficient proceeds to pay the mortgagee in full. The Mortgagee agrees to accept a payoff which is short of the full amount in lieu of incurring the expense and time of foreclosing. Pre-foreclosure Short Sales are usually the product of a reduced market value.
  
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