Posted on: 25th Apr, 2009 09:03 am
I have a manufactured home in california and I am going to have to short sell or do a died in lieu. My lender is telling me that they are going to due me for the difference of the short sell and the current balance and that if they take the home back that they will sue me for the remaining balance if they short sell it in addition to any maintenance items they need to do. This is a primary residence with no seconds.
HI marie51076 ,
Welcome to our forum.
In my opinion you have not need to pay your lender back for the your different of your short.
You need to pay them to save your house from selling.
Thanks & Regards.
Welcome to our forum.
In my opinion you have not need to pay your lender back for the your different of your short.
You need to pay them to save your house from selling.
Thanks & Regards.
can you please re explain, I didn't quite understand
Hi marie!
Welcome to forums!
As far as I know, the lender has the right to collect the deficient amount from you after you short sale the property. You can ask your lender to forgive the deficient amount. It is the lender's discretion whether he will forgive the amount or not. If the lender forgives the deficient amount, then you'll have to pay taxes on that forgiven amount.
Sussane
Welcome to forums!
As far as I know, the lender has the right to collect the deficient amount from you after you short sale the property. You can ask your lender to forgive the deficient amount. It is the lender's discretion whether he will forgive the amount or not. If the lender forgives the deficient amount, then you'll have to pay taxes on that forgiven amount.
Sussane