SHORT SALE
A sale of real estate in which the sale proceeds do no meet the balance owed by the properties loan. This happens when a borrower cannot pay the mortgage loan and the lender decides that it is better to seel the property at a moderate loss. This allows for the avoidance of foreclosure.
W-9
IRS form to be signed by the seller(s), giving your social security number and new mailing address. At tax time, this form makes it possible for the lender to report the mortgage interest you paid. Consult your accountant or tax attorney for information on deductions available to you