They receive the death benefit from your mortgage insurance policy to use as they need, including to payoff your outstanding balance on the mortgage loan for your home. (term-life-online.com)
A short sale is a property transaction in which the revenue from the sale falls short of the existing principal balance on a mortgage loan. (totalmortgage.com)
A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the mortgage loan. (shoprate.com)