Posted on: 27th Aug, 2010 07:44 am
Lender approves short sale closing. Does Lender have the right afterwards to go after Seller for deficiency judgment?
Hi KuczmarskiN!
Welcome to forums!
The lender has the rights to come after you for the balance dues resulting from the short sale of the property. If you do not pay off the dues, then the lender can charge it off and a collection agency might come after you for the dues. However, in non-recourse states, the lenders will not be able to come after the borrower for the balance dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender has the rights to come after you for the balance dues resulting from the short sale of the property. If you do not pay off the dues, then the lender can charge it off and a collection agency might come after you for the dues. However, in non-recourse states, the lenders will not be able to come after the borrower for the balance dues.
Feel free to ask if you've further queries.
Sussane