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Hi, I am in the process of short sale of a property in Michigan, which is not my primary residence. For the first (bigger) lien the bank had approved the sale and waived the deficiency. Unfortunately for the second (smaller) lien the bank (a regional one) approved but refused to waive the deficiency. I am wondering, what is my best option? Should I just let it go, and hope that the bank doesn't come after me on the deficiency? Or should I try to offer a payoff amount to see if they are willing to waive it?

The other question is, does deficiency from a short sale accumulates interests over time?

Thanks a lot!

smithsussane · Posted: Wed Apr 20, 2011 8:19 pm Post subject:

Hi evanyftsai!

Welcome to forums!

If the second lender hasn't waived off the deficiency, then the lender has the rights to come after you for the balance amount. You should offer them a certain amount which you can afford and negotiate with them so that they waive off the rest of the amount.

Feel free to ask if you've further queries.

Sussane

Posted: Wed Apr 20, 2011 11:12 pm Post subject:

Hi evanyftsai,

If you are looking for the peaceful solution then you should discuss this with the second lien holder and then come to the settlement amount.As far as avoiding the lender is concerned,you will always be under stress of getting haunted by the lender for the payments so it is better to clear it in one stroke.So that you will be peaceful and can concentrate on your day to day work.

Feel free to ask any further query if you have....

DIPA

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