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Posted: Mon Apr 06, 2009 2:26 pm Post subject: short sale question

I have a first and 2nd loan with same lender (BofA), and planning to short sale. If i am able to do short sale do they come after me for the deficiency? I am in CA.

billjames · Joined: 27 Mar 2009 Posts: 66 16.56 Dollars($)

When you negotiate a successful short sale, keep in mind that the agreed upon price is payment in full.

However, the homeowners may still owe the difference between the mortgage balance and the discounted amount as a result a "deficiency judgment." If granted, this judgment will affect the homeowners and their credit report just as any other judgment.

You must get the bank to accept "payment in full without pursuit of any deficiency judgment."

Guest

thanks for the quick answer Billjames.
Is there any other option than short sale ? My home value is down more than 50% and I already lost lots of money with this home. Loan is resetting feb 2010.

Posted: Mon Apr 06, 2009 4:23 pm Post subject:

Can you rent out the home?

jerry · Posted: Tue Apr 07, 2009 6:59 am Post subject:

Hi Guest,

Renting, I believe, will not help in this situation. An option other than a short sale would be a deed-in-lieu of foreclosure. Here, the deficient amount on the first mortgage is often forgiven. However, you will still be required to pay the second mortgage, unless forgiven by the lender.

Thanks,

Jerry

Posted: Tue Apr 07, 2009 9:40 pm Post subject: short sale question

my both loan is with same lender. do they forgive if they accept deed-in-lieu? Is there any way we can negotiate with the 2nd loan for short sale like reduced deficient amount?
thanks,

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