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Short Sale Question

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Daviejg Joined: 04 Apr 2009 Posts: 1 1.29 Dollars($)	Posted: Sat Apr 04, 2009 7:34 am    Post subject: Short Sale Question Like 0 Dislike 0 I have three homes in CA. I am REALLY struggling with making the payments on one of them. I live paycheck to paycheck thinking this was a good retirment investment long term. It is currently rented but the difference in rental and mortgage is weighing me down with the other two properties as well. If I do a short sale, with the lender place liens on my other homes?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Sun Apr 05, 2009 11:52 pm    Post subject: Like 0 Dislike 0 Hi Daviejg, If you do a short sale and there is any deficient amount arising out of the short sale, the lender may put liens on your other properties if the deficient amount is not paid off. In certain cases, the lender forgives the deficient amount after a short sale, though. However, if you do a deed in lieu of foreclosure, it is most likely the deficient amount will be forgiven and thus, no question of the lender putting a lien on your other properties. But a deed in lieu would be more damaging on your credit than a short sale.

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