Posted on: 11th May, 2009 09:02 pm
My house is currently worth ~$110k and I'm 3 months behind on my mortgage. I have a first mortgage of $138k and a 2nd mortgage of $31k.
I'm considering trying to do a short sale and working with the bank to cover the remainder. Does anyone know the what the real risk of deficiency judgments are in either a short sale or foreclosure in Minnesota? Are lenders going after people to make up the difference?
I'm considering trying to do a short sale and working with the bank to cover the remainder. Does anyone know the what the real risk of deficiency judgments are in either a short sale or foreclosure in Minnesota? Are lenders going after people to make up the difference?
Hi dboz,
Deficiency judgments are available in Minnesota. The lender can sue you for the deficient amount if you go for a short sale. If you do not pay the deficient amount, the lender will have the right to place a lien on the property as well.
Thanks
Deficiency judgments are available in Minnesota. The lender can sue you for the deficient amount if you go for a short sale. If you do not pay the deficient amount, the lender will have the right to place a lien on the property as well.
Thanks
wchra.com/Foreclosure/Understanding%20Deficiency%20Judgments.pdf