You may still owe money after a foreclosure or short sale

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If you had gone through the short sale process with. to get a judgment against you after a foreclosure. If the lender failed to comply with these requirements, it may lose the right to come after.

Solution: Most foreclosure sales are still announced. the home as a short sale. That’s where the bank agrees to let the owners sell for less than what they owe on the mortgage. Solution #2: You may.

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Many homeowners are surprised when they find out they can still owe money to the bank after a real estate short sale if the agreed upon price was payment of the loan in full. The homeowners may still owe the difference between the mortgage balance and the discounted short sale amount as the result of a deficiency judgment.

After the short sale closes, your lender may try to collect the deficiency from you by calling or sending you letters in the mail reminding you that you still owe them money. (The calls and letters may come from your lender’s attorney or a collections agency.)

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Knowing whether your money is safe after foreclosure.. before foreclosure. Even look into a short sale if the property value is less than what you owe. While your credit score could still take.

"The short sale properties are in much better condition," said Sajag Patel, who handles short sales for Keller Williams Realty in Strongsville. "They haven’t been sitting vacant. The utilities are.

By short sale, if you mean, you have not sold it for as much as you owe on your mortgage, then yes, you still owe the bank the money to pay off your original loan. If we could all just short sell.

However since a short sale is a negotiated agreement it is very important that the negotiations include a release of liability from the loan. If that is not included then you still owe and the bank has the right to attempt to collect the shortfall even if they have agreed to the short sale.

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In some cases lenders never go after the unpaid money, or deficiency. But homeowners going through the short sale process are in some cases being asked to sign promissory notes that they will pay back the money.