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barba76 · Joined: 15 Apr 2009 Posts: 1 1.25 Dollars($)

in a short sale, do I have to pay back what was not covered?

smckaybiz · Posted: Wed Apr 15, 2009 5:45 pm Post subject:

I don't believe you do barba76. Usually the whole idea behind a short sale is that the lender is willing to accept a lesser amount than what you owe on the home just so that they don't have to foreclose on it. It will totally depend upon your lender though.

savior70 · Posted: Thu Apr 16, 2009 5:04 am Post subject:

Hi

In a short sale, you're required to pay off the deficient amount. The amount is generally forgiven in deed in lieu of foreclosure. However, some lenders forgive the deficient amount even in a short sale. As Scott had said, it entirely depends on your lender.

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