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Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios
This article comes via Richard Zaretsky, a Florida attorney. Although laws vary from state to state, he does give a very comprehensive overview of the most common exit scenarios.
As a Naperville Area Short Sale agent I work with a team of professionals that can answer any specific questions for Illinois.
We get so many questions about what is a DEFICIENCY JUDGMENT and how it differs from other possibilities including DEED IN LIEU OF FORECLOSURE or SHORT SALE.  Recent blogs and Broker Bryant provided a request that I write a detailed article explaining and differentiating these three items.
This article is written based on Florida law, but most state laws are similar.  Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.
As a suggestion, for information on the basics of a deed in lieu of foreclosure and short sale, see SHORT SALE PRIMER - LAWYER DISCUSSION OF THE SHORT SALE EVOLUTION
Let me clarify an important issue that will have meaning later.  A "Mortgage" is NOT the obligation to pay the bank.  ... more

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