Posted on: 05th May, 2012 07:43 pm
The short sale approval letter from the lender (Wells Fargo) states that they are not waiving the right to seek the deficiency and the negotiator indicated that the Freddie Mac has put the language in the letter (Freddie Mac is whom the lender sold the loan to) and they cannot do any thing about it. The negotiator also states, when our lawyer asked them waive the deficiency, that Freddie Mac does not typically pursue deficiency, however they retain right to. So the question is shall I do the closing and hope that they are not going to come after me after the closing? Other than that what options do I have? What are your experiences in such a situation? Did the Freddie Mack or Wells Fargo came after you?
Omega
Omega
hi aumesh,
in a short sale, the lender can come after you in order to recover the deficient balance. there is nothing wrong or unusual in it. moreover, if it's given to you in writing, then after the short sale, there are high chances that they will come back to you for claiming the deficient balance. you can apply for a deed in lieu of foreclosure. lenders normally don't pursue the deficient balance after a deed in lieu of foreclosure sale.
in a short sale, the lender can come after you in order to recover the deficient balance. there is nothing wrong or unusual in it. moreover, if it's given to you in writing, then after the short sale, there are high chances that they will come back to you for claiming the deficient balance. you can apply for a deed in lieu of foreclosure. lenders normally don't pursue the deficient balance after a deed in lieu of foreclosure sale.
Hi aumesh!
Welcome to forums!
I agree with Adonis that you can go for the option of deed in lieu of foreclosure. To know more about this, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Adonis that you can go for the option of deed in lieu of foreclosure. To know more about this, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .
Feel free to ask if you've further queries.
Sussane