Terms you are likely to encounter when selling your home, including disposition options and payoff vocabulary.
Terms commonly encountered in this situation. Each links to the full glossary definition.
Equity is the value of your home minus what you owe on your mortgage. It shows how much of the property you own.
A short sale is when you sell your home for less than what you owe on your mortgage. This can help you avoid foreclosure, but you will need to move out of your home.