Short Sale (of House) at Legal Glossary

What is it? A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).

Law Definition Added By: Carter

Send To Friends!

If you'd like to send the Short Sale (of House) definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -

We hope you now understand the meaning of Short Sale (of House). If you need any more information on this term, please don't hesitate to contact us.

Other Similar Legal Terms:

Law Terms exemplary damages is See damages.

Law Terms statute of limitations is The legally prescribed time limit in which a lawsuit must be filed. Statutes of limitation differ depending on the type of legal claim, and often the state. For example, many states require that a personal injury lawsuit be filed within one year from the date of injury -- or in some instances, from the date when it should reasonably have been discovered -- but some allow two years. Similarly, claims based on a written contract must be filed in court within four years from the date the contract was broken in some states and five years in others. Statute of limitations rules apply to cases filed in all courts, including federal court.

Law Terms noncompetition agreement is An agreement, generally included in an employment contract or a contract for the sale of a business, where one party agrees not to compete with the other party for a specific period of time and within a particular area. Salespeople, for example, often sign noncompetition agreements that prevent them from using the contacts gained by one employer to benefit another employer. Or a salesperson may sign what is known as a noncompete, agreeing not to sell within a particular area, or even work in the same type of business. In some states, such as California, courts view noncompetition agreements with disfavor and will not enforce them unless the restrictions are very narrow. In other states, courts routinely uphold them.

Law Terms compilation is For copyright purposes, a work formed by selecting and assembling preexisting materials (generally facts or data unprotected by copyright) in a unique way to form an original work of authorship. A database is a good example of a compilation. A compilation must have some creative aspects -- such as the way it is organized and the materials selected for inclusion -- to qualify for copyright protection. For example, a list of favorite Web sites including the word gelatin, arranged by category, would be rather creative, while a phone directory would not.

Law Terms PBGC is See Pension Benefit Guaranty Corporation.