Posted on: 12th Nov, 2010 01:47 pm
I am doing a short sale and received a short sale package from the lender. It said that the lender agrees not to pursue deficiency judgement for any unpaid amounts on the loan however , if the borrower is obligated to execute a promissory note for any deficency amount on the loan, lender preserves its irght to pursue any deficiency amount upon default of that promissory note.
What does this means ?
Should I sign this agreement ?
What does this means ?
Should I sign this agreement ?
Hi mxlauw,
You should contact an attorney and take his opinion regarding the signing of the document. As far as I can understand, your lender will be able to collect the deficient balance resulting from the property sale.
Thanks
You should contact an attorney and take his opinion regarding the signing of the document. As far as I can understand, your lender will be able to collect the deficient balance resulting from the property sale.
Thanks