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Short sales can be an alternative to foreclosure and bankruptcy when a homeowner cannot afford his or her mortgage payments.
In today's economy, where many homeowners opt to carry large mortgages, the short sale is rapidly becoming more popular. A short sale situation that does not usually make banks especially happy but it can also be a way for homeowners, homebuyers, and, yes, even lenders to basically win in difficult situations by managing risk, and mitigating bankruptcy (for the homeowner) and the complete loss of a loan (the bank).
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