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Caution: Moving Out Of Your Home In a Short Sale May Cost You Tens Of Thousands Of Dollars
Great article from Dave Halpern!
This is a little known fact and an alarming truth. There is a natural tendency to flee the house ahead of the foreclosure storm. However, vacating the house may invalidate the seller’s eligibility to have the shortfall on their debt wiped out forever.
OK, so what does that mean?
Step by step:
A short sale happens when the lender allows the seller to sell the house for an amount short of the amount owed. The difference between the total amount owed and what the lender gets when the house sells is called “shortage”, “shortfall” or “deficiency”. In an ideal short sale, the lender forgives the deficiency and the seller never has to pay it back. Sometimes the lender demands the seller stay obligated on the deficiency. The deficiency could be tens of thousands or even hundreds of thousands of dollars. Some government or government sponsored short sale programs require the lender to forgive the deficiency. Here is the vital point:
Some of the programs require the seller to be living in the home all the way up to the approval of the short sale. Moving out could cause the seller to lose their eligibilty to have their ... more

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