Lawyers Say: A “Short sale” Might Not End a Homeowner’s Problem

Short selling lenders are beginning to insert language in short sale agreements:

Lenders appear to be inserting language into short sale contracts that allow them to sue for any “deficiency,” or the amount lost by a bank by selling a home for less than the mortgage —- opening the door to collection agencies and court judgments that can run into the hundreds of thousands of dollars for some .… homeowners.

It would benefit the seller to insure that such language is not in their agreements.

About rereno

Real estate investor
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