What happens if there is a deficiency after a short sale?

Answer A short sale allows a homeowner to sell the home for an amount that is less than the balance due on the mortgage. A law passed in 2007 may allow an individual to avoid taxes on the cancellation of ... Read More »

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What happens to a judgement balance in a real estate short sale in New York state. If there is no equity in the sale will the judgement be released?

In any state, Judgements are usually filed with a court. In order for the Judgement to be released, someone -- preferably the party that filed the Judgement -- must be satisfied before the Judgemen... Read More »

What is a short sale deficiency?

A short sale means the borrower and bank agree to terminate the mortgage if the debtor sells the home and gives all to the bank. However, sometimes the sale price of a home is less than the balance... Read More »

How to Collect on a Deficiency Judgment During a Short Sale in Florida?

A deficiency judgment is defined as, "a judgment for the amount a homeowner owes the lender after a house or other asset is foreclosed upon and sold by the creditor for less than the actual debt---... Read More »

What Happens to a Second Mortgage on a Short Sale of a Home?

A short sale is a negotiation with a mortgage company for a homeowner to sell a home short of the total amount that he owes. Short sales are common for homeowners with little to no equity in a prop... Read More »