One of the questions I get asked the most often is whether or not the bank will come after you once you’ve completed a short sale. Honestly, it’s really hard to answer that question right now. Don’t let this deter you, however, because we’ll be able to fully answer that question once we get your short sale approved.
When you get your short sale agreement letter it’s basically a new agreement between you and the bank regarding the terms of your short sale. The short sale approval letters that we receive from most letters, 99% of the time they grant a full release of deficiency to the homeowner. Occasionally we run into the circumstance where there is a second mortgage where they may have rights to pursue you and it can make the short sale a little bit trickier but in the vast majority of our short sales, the seller ends up leaving the situation free and clear of any loans on the property.
What I’d like you to do is contact me so that I can get a complete understanding of your situation and your scenario. When your loans were taken out, if there was cash taken out, if the loan was ever refinanced – all of these things impact how this one question gets answered. Don’t take a blanket statement as the correct answer for your situation because it hinges on several different things. You can fill out the short sale request form on our website or pick up the phone and give us a call so we can talk to you about your situation and educate you on the different things that are out there. We also have legal resources that you can speak to, to answer this question a bit more concretely. The biggest thing is to not do nothing; do something by giving us a call or filling out the short sale request form and we’ll be in touch soon.