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Will Bank Demand Any Payment After Short Sale?

Will the bank come after me for the difference owed between the sale price and the balance of the loan if I Short Sale my home?

Hollister CA –Who Is Responsible For The Difference Between Short Sale Price And Loan Balance?


Did you get your bank to agree to a short sale? Did you find a buyer? Has all the paperwork processed?


Congratulations. You're in the clear. And to prove it, your bank should have given you a letter of "Full Release" clearing you of responsibility for the difference between the balance of the loan and the short sale price. Really, that letter is the whole point of the short sale -- to remove you from responsibility of that debt. If you don't get that letter, then something's not right with the transaction. Either someone's trying to pull a fast one past you or someone missed a step in their check list.


The bottom line is that in a short sale, when all is said and done, you should get that "Full Release" letter from the bank. And with that letter, you're clear of the balance and you can go about your life. Of course, there are other ramifications to deal with (such as tax consequences), but the biggest hurdle should be overcome.


Thank You for reading my post, Israel Gonzalez RDCPro, CDPE


Israel Gonzalez is a Real Estate Broker at Beale Properties

Phone: 831-636-8858   Email: Israel@ighomes.com


Suggested Reading

What is a Short Sale? http://bit.ly/fehY0W

Can I Short Sell My Rental? http://bit.ly/hVrx7J

Can I Stop Paying Property Tax and Insurance If I Want To Short Sale My Home? http://bit.ly/gcPQl0


Israel Gonzalez specializes in loan modification help and never pay a bank another penny. Homes for sale in Hollister CA, Hollister Short Sales, Hollister Foreclosures, and Hollister Distressed Properties.


www.bestreohomes.com  www.nicereohomes.com  


The views published here are the opinions of the writer and are not a substitute for legal counsel.


Darcy said:

Some people are taking loan from bank to purchase home. According to https://www.essayguard.co.uk/ people need to fulfil all requirements to get loan legally. If people want to sell any property they can get help from banks to find right buyer easily.

# March 17, 2018 7:32 AM
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