Posted on: 30th Oct, 2010 06:03 pm
hi, we bought our house 5 yrs ago for 415k and now it is only worth only 160k. we also own another property that is paid off. if we do a short sale, will they go after our property/assets? if short sale does not work, bankruptcy will be our last option but will they go after our assets? pls advise. thank you
Welcome ferrah,
After a short sale, you'll be liable for paying the balance amount resulting from the sale of the property. If you're unable to pay it off, then the lender can come after your other properties to recover it.
After a short sale, you'll be liable for paying the balance amount resulting from the sale of the property. If you're unable to pay it off, then the lender can come after your other properties to recover it.