mortgage satisfaction: Short Sales and Deficiency Judgements - 07/15/08 05:53 AM
Please visit www.NickDailey.com for more information on the Northern Kentucky real estate market.
After a successful short sale has been negotiated, there is a potential liability out there that sellers need to be aware of.  Lenders, or even the PMI company, may come after the owner for a deficiency judgement.  This can be negotiated out, with varying degrees of success depending on the loan servicer, as part of the offer.  But remember, if the home is foreclosed on, it is pretty much guaranteed that a deficiency will be filed. 
So what is the difference between the two possible outcomes? 
A 'release' means that the … (4 comments)