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Sherman Oaks Short Sale Deficiency Judgements - What Now?
Sherman Oaks, CA Day after rain Clear skies, smiles and sunshine 70 degrees In the case of considering a short sale, many Sherman Oaks homeowners consider the likelihood of a deficiency judgment. Why won't that bank come after them for the money they've lost? In the recent past, it was highly unlikely, in fact there was a law passed under our last president that prevented that very thing from happening. That ship has sailed... the grace is expired. Banks can and do reserve the right to go after a borrower for a judgement for their monies lost... Thinking about buying a home? Search Sherman Oaks Homes So now what? There is right concern that banks will ask for a promissory note or the like when completing a short sale. This happens, and it is one of the best practices I've found that when considering the handling of a potential short sale that the borrower be aware of this possibility. True that it happens infrequently, yet the time for discussion is not after three, four or five months of hard negotiating and the bank's desired closing date is looming. The good news for Sherman Oaks Short Sales, and indeed most of the ... more
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