Posted on: 15th Jun, 2010 02:03 am
I went to a Real estate/Bankruptcy lawyer and told her my situation. (Separated and don't have the money to pay for the house and living expenses. Also about predatory lending that happened to me, with a balloon payment coming in Jan 2015). The attorney said to just let them foreclose! She said 90% of the time, the banks don't pursue a judgement for deficiency. I'm dealing with Chase, does anyone know if they are the 10% that will go after you?
They have contacted me, and said they will do a short sale if I pay a monthly payment on the house. Then finally they told me that they will come after me for the deficiency if I sell the house or if they foreclose or do a short sale. It seems to me like I'm screwed no matter which way I go.
Any suggestions Thanks
They have contacted me, and said they will do a short sale if I pay a monthly payment on the house. Then finally they told me that they will come after me for the deficiency if I sell the house or if they foreclose or do a short sale. It seems to me like I'm screwed no matter which way I go.
Any suggestions Thanks
Hi drifter,
The lender has the rights to come after you for the deficiency balance resulting from the sale of the property. You can negotiate with the lender in order to get the dues forgiven. However, it will be the lender's discretion whether or not he would forgive the dues.
In case of a short sale as well, the lender has the rights to sue you for the deficiency. You can apply for a deed in lieu of foreclosure with your lender. This will not only help you in getting rid of the property but you won't be liable for the deficient balance even.
Thanks,
Jerry
The lender has the rights to come after you for the deficiency balance resulting from the sale of the property. You can negotiate with the lender in order to get the dues forgiven. However, it will be the lender's discretion whether or not he would forgive the dues.
In case of a short sale as well, the lender has the rights to sue you for the deficiency. You can apply for a deed in lieu of foreclosure with your lender. This will not only help you in getting rid of the property but you won't be liable for the deficient balance even.
Thanks,
Jerry