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short sale: The unsecured promissory note and the Short Sale - 09/18/08 09:53 AM
The unsecured promissory note is becoming a more commonly used tool to prevent future deficiency judgments.  If you haven't experienced this already with a short sale, where you are the listing agent, be prepared because it is coming your way.
Upon bank review of the agreement they will counter the offer to the homeowner requesting them to sign a unsecured promissory note for the remaining short balance.  As you can imagine, this type of counter from the bank, can throw a monkey wrench in the entire process and possibly kill the deal. 
So how can you prevent the bank from requesting … (36 comments)

 
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Jesus (Jesse) Gonzalez, RDCPro

Hermitage, TN

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The Realty Association

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