Comments on: What is a Real Estate Short Sale?

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Sun, 05 Feb 2012 19:33:00 +0000

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By: John

John — Mon, 23 Nov 2009 00:36:37 +0000

My lender has agreed to a short sale on a property I purchased in Florida for my children to attend college. The house is well maintained and vacant. The lender has asked me to contribute a small portion to the short sale. However, there is still a balance of $100,000 on the loan and the lender retains the right to pursue deficiency and will not agree to submitting in writing a release or forgiveness of debt. Should I continue with the short sale? What are the odds that the lender will pursue a judgement for a deficiency?

By: SeattleInspector

SeattleInspector — Tue, 27 Oct 2009 05:28:55 +0000

Tip: Get a good Short Sale home inspector.- Need a Short Sale Caution Blog.

By: Jme

Jme — Sat, 19 Sep 2009 01:12:03 +0000

Why is it that judicially the bank can collect on the money they lose on a short sale. The debt on my home is $180k, there is an offer for $50k. Why would I have to pay the $130k difference if I won’t even have the property. Technically, if you may a mortgage for 30 years you are not really a homeowner, for those 30 years, it’s the banks until it’s paid off, right or wrong? Does this make sense to anyone, if so please orient me, thank you.

By: Avo

Avo — Thu, 28 May 2009 16:39:42 +0000

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By: Arthone

Arthone — Sat, 21 Mar 2009 19:39:34 +0000

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By: Oscar

Oscar — Thu, 31 Jul 2008 00:09:20 +0000

Veritas:

What you are mentioning is a deficiency. If you get foreclosed on a single mortage non-judicially the bank will not be able to collect the loss. If the bank forecloses judicially then they can collect on the loss.

Oscar

By: Veritas

Veritas — Thu, 17 Jul 2008 04:23:59 +0000

Hi all,

I also have a house going for short sale. The question that I have is once the bank takes over my house because I can not afford to make payments, will the bank come after me if they can not sell the house? Or if they sell the house and the sell price is under what I original paid, will they come after me to make me pay the difference?

Example, I paid my house for $200,000 and now I can no longer make payments. The bank will now take over my house and made a sell for $170,000. Will the bank come after me for the difference of $30,000? If yes, does it affect all the states? I live in the state of Illinois and is there a way to find that out from my state? I prefer not to call my bank and ask them.

Thanks for any advice!