Release of deficiency Letter – Northville real estate talkOne of my Northville home sellers that were doing a short sale asked me should they require their bank to do a release of deficiency letter. In my opinion I would not do a short sale unless the bank gave a release of deficiency letter. I myself would let the home go to foreclosure. The simple reason is that very seldom do banks go after the deficiency of a Northville foreclosure. You have a greater chance of them coming after you if you short sale your Northville home. Sure you can take your chance of them coming after you on the short sale. But remember you gave them all your financial and work information. They know what accounts to go after and where you work if they get a judgement against you. So if you are doing a short sale I would always try to get a release of deficiency. Just my thoughts….
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