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A short sale typically occurs when a homeowner finds him/herself in financial hardship. A short sale in layman language means where a homeowner sells his/her property for less than the price of the mortgage. The buyer usually is the third party and not the lender/bank, the yields of the sale collectively go to the lender. Here, the lender/bank may forgive the difference of the outstanding loan or get a deficiency judgment against the homeowner/borrower stating to pay the difference partially or completely. Although, in most states, the difference is usually forgiven.