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By: Joe Light, Money Magazine, January 28, 2009

Not along ago, few people had even heard of a short sale, which occurs when the bank agrees to discount the loan balance for a seller who owes more on his mortgage than the home is currently worth.

If you're in the market for a home today, you're almost guaranteed to be looking at some short sales. Nationwide, 14% of homeowners are currently underwater on their mortgages, calculates real estate website Zillow.com.

For entire article, go to: http://money.cnn.com/2009/01/27/real_estate/short_sale.moneymag/index.htm?postversion=2009012806

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