Posted on: 02nd Feb, 2010 05:13 pm
I was approved for a Short Sale by my bank. Will the bank be able to come after me later for more money? Will the IRS come after me as well?... The mortgage on my home was $148k and am in the process of selling for $28k.
Welcome Zee,
In case of a short sale, the deficient amount resulting from the sale of the property is not forgiven by the lender. Generally, the lenders ask the borrowers to pay off that amount. It will be your lender's discretion whether or not he would forgive that amount. If he doesn't forgive that amount, then you would have to pay it off.
In case of a short sale, the deficient amount resulting from the sale of the property is not forgiven by the lender. Generally, the lenders ask the borrowers to pay off that amount. It will be your lender's discretion whether or not he would forgive that amount. If he doesn't forgive that amount, then you would have to pay it off.