Posted on: 09th Feb, 2011 03:20 pm
We recently discovered that my Wifes income was off by exactly $1000 on the mortgage application for a home we purchased a few years back. Specifically she made 5323/mo but the application had 6323/mo. It appears to me that this was a simple mistake, but we did sign the application. Can the lender come after us if we were to short sale or foreclose down the road?
Hi Guest,
Whether or not there was an mistake regarding the income, the lender will come after you and your wife in order to recover the deficient balance resulting from short sale or foreclosure.
Whether or not there was an mistake regarding the income, the lender will come after you and your wife in order to recover the deficient balance resulting from short sale or foreclosure.
Deficiency judgment is a different issue based on state laws. Does the application mistake (explained above) specifically give the lender grounds to come after us outside of deficiency laws?
Welcome Guest,
It might give your lender grounds to come after you outside the deficiency laws. You should have a word with an attorney in this regard and sort out the matter.
It might give your lender grounds to come after you outside the deficiency laws. You should have a word with an attorney in this regard and sort out the matter.
Yes, They can and most likely will come after you if you come short.
Well i think the lender can come after you.
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