Posted on: 31st Jan, 2009 06:25 pm
IM CONCERNED ABOUT IF I NEED PROFESSIONAL ASSISTANCE BECAUSE THE POSSIBILITY THAT I MIGHT NEED TO FILE BANKRUPTCY IN CASE THE LENDER DOES NOT SIGN THE WAIVER FOR DEFFICIENCY ,OR IF ISHOULD FILE EITHER WAY TO BE SAFE . F.Y.I I TRIED THE SHORT SALE BUT THE LENDER WANT ME TO SIGN A PROMISSORY NOTE FOR APPROX. $250K. THANK YOU.
Hi Quesito,
Perhaps the lender wants you to sign a promissory note regarding the payment of short sale deficiency. How much is the deficiency payment? I guess you don't need to file bankruptcy for the deficiency payment. Rather you can go for deed in lieu which waives off any payment of deficiency.
If you're not comfortable negotiating with the lender, you may take help of an attorney who'll negotiate on your behalf for a deed in lieu.
Take Care
Perhaps the lender wants you to sign a promissory note regarding the payment of short sale deficiency. How much is the deficiency payment? I guess you don't need to file bankruptcy for the deficiency payment. Rather you can go for deed in lieu which waives off any payment of deficiency.
If you're not comfortable negotiating with the lender, you may take help of an attorney who'll negotiate on your behalf for a deed in lieu.
Take Care