Will I Still Owe After a Short Sale?

by Isaac Benmergui, Esq on October 18, 2011

You bit the bullet and have decided to go the short sale route on your home. But will you still owe the bank money after the sale? The answer: maybe.

Before the short sale occurs your lender will approve the sale with terms for releasing you fully from the debt or holding you responsible for the deficiency between what you owed and what the lender had to accept from the buyer. If you are released, of course, you have no worries and can begin to rebuild your credit. If you are responsible for the difference, you may want to try to haggle with your lender.

Don’t count on the occurrence of decent offer and sale price because it could end up that you will still owe tens of thousands of dollars. Talk to an experienced real estate attorney who can help you work out the best short sale terms for you.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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