Posted on: 24th Jun, 2010 12:10 pm
I have a home that might be a short sale soon. I would like to know if that would affect any of my other properties or assets ( 2nd home, business, bank accounts, cars...etc). My second home has no mortage and My business as well. Thanks.
Hi Sam!
Welcome to forums!
After a short sale, you will be liable for the deficient balance resulting from the sale of the property. If you pay off the deficient balance, then your other properties will be safe and the lender will not come after them. If you're unable to pay off the dues, then the lender may place a lien on your second property or garnish your bank accounts.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After a short sale, you will be liable for the deficient balance resulting from the sale of the property. If you pay off the deficient balance, then your other properties will be safe and the lender will not come after them. If you're unable to pay off the dues, then the lender may place a lien on your second property or garnish your bank accounts.
Feel free to ask if you've further queries.
Sussane