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If you do a short sale with your lender to avoid a foreclosure, are you obligated to pay the difference between the owed amount and what the property actually sells for?

adonis · Posted: Thu Jan 08, 2009 10:31 pm Post subject:

Hi ginalesta,

In a short sale, the lender can sue you for the deficient amount resulting from the sale of the property. So you are obligated to pay the difference between the owed amount and what the property actually sells for.

kingno1 · Joined: 25 Apr 2008 Posts: 61 21.19 Dollars($)

Hello, Before you do the short sale, negotiate with your bank to eat the difference and obtain a letter. If you end up paying the difference to the bank, then there is no point in doing short sale...

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