Posted on: 23rd Apr, 2010 06:36 am
Just did a short sale on our home and was wondering if the bank agrees to the short sale, can they come after you for the difference? I understand we will get the 1099 C form but wanted to know if they can sue for the difference.
Hi cmd,
After a short sale, the lender has the rights to come after you for the deficient balance resulting from the sale of the property. It will not be forgiven. If the dues are forgiven then you may receive the 1099c form from the lender.
Thanks
After a short sale, the lender has the rights to come after you for the deficient balance resulting from the sale of the property. It will not be forgiven. If the dues are forgiven then you may receive the 1099c form from the lender.
Thanks
Hi,
Yes the bank has the right to take action against you for the balance due after the short sale.
Feel free to ask questions.
Yes the bank has the right to take action against you for the balance due after the short sale.
Feel free to ask questions.