DEQ's
Rodkin on Deficiency Liability in a Short Sale
Posted November 8, 2011, at 1:05 p.m.
RELATED: Rodkin on the Mortgage Balance Left Unpaid in a Short Sale »
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Deal Estate: The Blog is the online extension of Chicago magazine’s monthly “Deal Estate” column, which is written by Dennis Rodkin. On the blog, Rodkin—who has been covering the local housing scene for Chicago since 1991—provides timely updates on new homes to hit the market, recent high-end sales, and other residential real-estate news from the city and suburbs.
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And with our friends at CLTV's HomesPlus
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More importantly, if you are negotiating a short sale make sure you have a good attorney working with you so that you are NOT liable for any deficiency balance after the sale of the property. This can usually be negotiated at into the sales contract with the mortgage company. Isn't that the whole point of the short sale? To avoid any deficiency liability? Otherwise why sell? You're better off then letting it go to foreclosure if you're still going to be liable for the deficiency.