Posted on: 08th Nov, 2010 04:34 am
Say we put our home up for a short sale and we owe 230,000 but the home sales for 180,000. Leaving us with a neg of 50,000 do we have to pay the money back to the bank?
Hi kmac!
Welcome to forums!
In case of a short sale, the lender has the rights to come after you for the deficient balance resulting from the property sale. Thus, you'll be liable for paying off the deficient amount.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In case of a short sale, the lender has the rights to come after you for the deficient balance resulting from the property sale. Thus, you'll be liable for paying off the deficient amount.
Feel free to ask if you've further queries.
Sussane