Posted on: 10th Mar, 2009 11:27 am
I am doing a short sale and I have been asking my lender for the note. They have not yet produced it. It has been 2 weeks. Do I have a right to this document? What happens if the lender can not produce it?
Hi Assist,
As far as I know the note will be given back to you only when you pay the loan off in full. After the short sale, if the loan amount is not recovered the lender can either get a deficiency judgment against you or can charge off the balance loan. In both the cases, the note will not be given to the borrower, unless he pays off the deficiency amount.
As far as I know the note will be given back to you only when you pay the loan off in full. After the short sale, if the loan amount is not recovered the lender can either get a deficiency judgment against you or can charge off the balance loan. In both the cases, the note will not be given to the borrower, unless he pays off the deficiency amount.