Jamil and Vicki have been experiencing financial troubles and are unable to keep making their mortgage payments.They both want to safeguard their credit so they agree to sell their home.However,they know that they will not be able to sell their home for the full amount of their loan.They negotiate with their mortgage lender,who agrees to accept the selling price as satisfying the mortgage.Jamil and Vicki are selling their home as part of:

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Jamil and Vicki are selling their home for less than the amount of their mortgage loan, which is known as a short sale. With a short sale, the mortgage lender agrees to accept the selling price as full payment for the mortgage, even if it doesn't cover the entire loan amount. This is different from an assumption of loan, where the buyer takes over the original mortgage, and a deed-in-lieu of foreclosure, where the homeowner transfers ownership of the property to the lender to avoid foreclosure.

Jamil and Vicki Have Been Experiencing Financial Troubles and Are