Posted on: 18th Jan, 2012 12:50 am
A friend of mine has a collection judgment lien on their house. He is now looking for a loan modification but he is also thinking about the option of short sale. If they do a short sale, will the bank negotiate to have the lien released? Does the judgment get satisfied or will they come after them personally?
Hi Mona,
In a short sale, the property will be sold off at a lower price than the existing mortgage. After the short sale, the borrower of the mortgage will be liable to pay off the deficient balance resulting from the sale of the property to the lender.
Take care
In a short sale, the property will be sold off at a lower price than the existing mortgage. After the short sale, the borrower of the mortgage will be liable to pay off the deficient balance resulting from the sale of the property to the lender.
Take care