Posted on: 08th Jan, 2009 06:37 pm
If you do a short sale with your lender to avoid a foreclosure, are you obligated to pay the difference between the owed amount and what the property actually sells for?
Hi ginalesta,
In a short sale, the lender can sue you for the deficient amount resulting from the sale of the property. So you are obligated to pay the difference between the owed amount and what the property actually sells for.
In a short sale, the lender can sue you for the deficient amount resulting from the sale of the property. So you are obligated to pay the difference between the owed amount and what the property actually sells for.
Hello, Before you do the short sale, negotiate with your bank to eat the difference and obtain a letter. If you end up paying the difference to the bank, then there is no point in doing short sale...