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short sale agreement

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mxlauw Joined: 02 Jul 2009 Posts: 2 1.45 Dollars($)	Posted: Fri Nov 12, 2010 2:47 pm    Post subject: short sale agreement Like 0 Dislike 0 I am doing a short sale and received a short sale package from the lender. It said that the lender agrees not to pursue deficiency judgement for any unpaid amounts on the loan however , if the borrower is obligated to execute a promissory note for any deficency amount on the loan, lender preserves its irght to pursue any deficiency amount upon default of that promissory note. What does this means ? Should I sign this agreement ?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Nov 14, 2010 10:14 pm    Post subject: Like 0 Dislike 0 Hi mxlauw, You should contact an attorney and take his opinion regarding the signing of the document. As far as I can understand, your lender will be able to collect the deficient balance resulting from the property sale. Thanks

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