Posted: Mon May 11, 2009 9:02 pm Post subject: Short Sale vs. Foreclosure, plus deficiency judgments
My house is currently worth ~$110k and I'm 3 months behind on my mortgage. I have a first mortgage of $138k and a 2nd mortgage of $31k.
I'm considering trying to do a short sale and working with the bank to cover the remainder. Does anyone know the what the real risk of deficiency judgments are in either a short sale or foreclosure in Minnesota? Are lenders going after people to make up the difference? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Deficiency judgments are available in Minnesota. The lender can sue you for the deficient amount if you go for a short sale. If you do not pay the deficient amount, the lender will have the right to place a lien on the property as well.
Thanks _________________ Procrastination is the enemy of your financial sucess
Ryguy Guest
Posted: Sat Jul 18, 2009 5:19 pm Post subject: MN deficiency info
adonis
