Posted on: 11th Aug, 2009 04:56 pm
i have a home where foreclosure proceedings have not begun allthough i have not been able to pay my mortgage payment for six months.
i have a buyer for a "short sale" but my lender refuses to put a statement in my closing documents relieving me of having to pay the deficiency. they have sent me an e-mail stating i would be relieved of any further responsibility for the deficiency following the successful closure and shot sale but refuse to include it in the closing documents.
am i to believe them that they will not come after me since i have the e-mail form them or should i approach them with a requat for a "deed in lieu of foreclosure"?
i am a single mom that has rented another home trying to raise two children. i simply can not affored to be responsible for the $100,000 deficiency. i just want to make sure i am protected. any guidance you can offer is sincerely appreciated.
i have a buyer for a "short sale" but my lender refuses to put a statement in my closing documents relieving me of having to pay the deficiency. they have sent me an e-mail stating i would be relieved of any further responsibility for the deficiency following the successful closure and shot sale but refuse to include it in the closing documents.
am i to believe them that they will not come after me since i have the e-mail form them or should i approach them with a requat for a "deed in lieu of foreclosure"?
i am a single mom that has rented another home trying to raise two children. i simply can not affored to be responsible for the $100,000 deficiency. i just want to make sure i am protected. any guidance you can offer is sincerely appreciated.
rjoyce
Welcoem to the forum
To protect yoru self, you need to get everythign inwriteen and a document which can stand in the court
Good luck and feel free to ask
Welcoem to the forum
To protect yoru self, you need to get everythign inwriteen and a document which can stand in the court
Good luck and feel free to ask
Thank you. What tyoe of document do you suggest? Do I assume an e-mail is not sufficient? One last question...Does an agreed upon, completed, and closed short sale for an amount less than the mortgage balance automatically free me from the remaining mortgage deficiency amount due?
Rick J
I would suggest you to get a document. I am not sure if Email will be sufficient
"agreed upon, completed, and closed short sale for an amount less than the mortgage balance "
Nope. This will not clear you from thedeficient amount unless it is stated and agreed by the lender
They can come after you for the deficient amount
Good luck and feel free to ask
I would suggest you to get a document. I am not sure if Email will be sufficient
"agreed upon, completed, and closed short sale for an amount less than the mortgage balance "
Nope. This will not clear you from thedeficient amount unless it is stated and agreed by the lender
They can come after you for the deficient amount
Good luck and feel free to ask
I agree with Realgeni
You need to get it as paper document
You are responsible for deficient amount if not documented properly
You need to get it as paper document
You are responsible for deficient amount if not documented properly
it is my understanding that email is considered to be valid for use in documenting an agreement. you can certainly print it out, if the fact of having something on paper makes it so.
if you have legal counsel, you may be able to get a better opinion as to how courts have ruled on this issue.
if you have legal counsel, you may be able to get a better opinion as to how courts have ruled on this issue.
