Deficiency Judgement
A deficiency judgment is an action taken against a debtor or borrower whose foreclosure sale or short sale did not cover the entire mortgage debt owed to the lender. A lender’s ability to pursue this course depends on the conditions of the original loan.
A significant benefit of a HAFA short sale is the requirement that lenders and junior lien holders waive their right to a deficiency judgment. This means your lender can’t collect the portion of the mortgage not covered by the transaction. Such protection allows you to more quickly regain financial stability and move on with your life.
Samantha hope I answered your question. Your short sale is Hafa. looking forward to a successful closing.
your distress property expert!
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