Finance
An Oklahoma borrower who has defaulted on their mortgage may avoid foreclosure through a short sale, which means:
AThe sale closes in a short time period
BThe property is sold for less than the outstanding mortgage balance, with the lender's approval, potentially releasing the borrower from the deficiency✓ Correct
CThe home is sold at a price slightly below list price
DThe closing process is shortened to 7 days
Explanation
A short sale occurs when the property sells for less than what is owed on the mortgage. The lender must approve the transaction and typically agrees to accept the sale proceeds as full or partial satisfaction of the debt. It is an alternative to foreclosure.
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