Home arrow Mortgage Forums arrow Announcements Feedback and Our Pub arrow

Do I have to pay my lender back the difference from a short sale

Author Message
Icon Mini Profile marie51076





Joined: 25 Apr 2009

Posts: 2

1.00 Dollars($)
Post Posted: Sat Apr 25, 2009 9:03 am    Post subject: Do I have to pay my lender back the difference from a short
Like 0
Dislike 0

I have a manufactured home in california and I am going to have to short sell or do a died in lieu. My lender is telling me that they are going to due me for the difference of the short sell and the current balance and that if they take the home back that they will sue me for the remaining balance if they short sell it in addition to any maintenance items they need to do. This is a primary residence with no seconds.
Icon Mini Profile gunzijjistaff
gunz.ijjistaff




Joined: 07 Apr 2009

Posts: 712

4.51 Dollars($)
Post Posted: Sat Apr 25, 2009 9:43 am    Post subject:
Like 0
Dislike 0

HI marie51076 ,

Welcome to our forum.

In my opinion you have not need to pay your lender back for the your different of your short.

You need to pay them to save your house from selling.

Thanks & Regards.
Icon Mini Profile marie51076





Joined: 25 Apr 2009

Posts: 2

1.00 Dollars($)
Post Posted: Sat Apr 25, 2009 9:52 am    Post subject: short sale
Like 0
Dislike 0

can you please re explain, I didn't quite understand
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10020
Location: Alaska
917.78 Dollars($)
Post Posted: Sun Apr 26, 2009 9:24 pm    Post subject:
Like 0
Dislike 0

Hi marie!

Welcome to forums!

As far as I know, the lender has the right to collect the deficient amount from you after you short sale the property. You can ask your lender to forgive the deficient amount. It is the lender's discretion whether he will forgive the amount or not. If the lender forgives the deficient amount, then you'll have to pay taxes on that forgiven amount.

Sussane
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.071 seconds.