Posted by lukeNC on May 07, 2007 at 12:59:08:
one thing to keep in mind is that if the lender wont do a short without a deficiency judgment, they’ll STILL sue the borrower for any deficiency after the 1st foreclosure goes through.
You’d have to mount a major offensive to show the lender they do best to accept the discount or risk getting nothing at all. Sometimes it can be done.
Short Sale Deficiency - Posted by Scott - Onehouse LLC
Posted by Scott - Onehouse LLC on May 07, 2007 at 12:49:28:
I have had several short sales approved, but I am running into my first deal with a first and second mortgage with different lenders. The first lender is Countrywide and the second is Wilshire. I know that CW will do a forgiveness in the form of a 1099, however, Wilshire will pursue a deficiency judgment. Is there a way that I can get CW to accept a short sale without reducing the second mortgage? Perhaps there is a better way to handle this issue that I am not thinking of.
Also, in general, what are other shortsalers doing out there when the lender mandates a deficiency judgment? Is it beneficial for the homeowner to even do a short sale in the event of a deficiency judgment? Thanks in advance for your help with this!