Tucson Real Estate
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Glossary
A deficiency judgment would be a judgment issued by a court of law after a foreclosure that would require the borrower to pay the lender the difference between the proceeds of the Trustee's sale and what was owed on the home.
Short Sale: A short sale is a type of listing or transaction that occurs when the market value of the home is not high enough to cover what is owed on the property AND that the homeowner has had a life change (loss of job, divorce, medical expense) in which makes them unable to afford the home.
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