Check out this article from CNNMoney.com.....You lost your house - but you still have to pay
By Les Christie, staff writerFebruary 3, 2010: 3:21 PM ET
NEW YORK (CNNMoney.com) -- As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Wrong.
Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth.
Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it. Read the whole article....Check out this article from CNNMoney.com.....You lost your house - but you still have to pay
Also, See this recent article: SHORT SALE ? Will I have to sign a Promissory Note if I do a New Short Sale?
So,, what can we do?.....
We negotiate with the lender in the short sale to forgive the debt as well as release the lien.
But be aware every short sale is different, no 2 are alike and the lender still may not agree to a full release and may ask for a cash contribution to release you or to sign a new promissory note for examplean agreed upon lower amount paid back over 10-30 years at possibly 0% interest.
Call me if you have more questions. We also work with Las Vegas attorneys so call if you would like that information as well. (702) 812-4550
List your Las Vegas Homes as a Short Sale Info
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

