deficiency judgement: Earn your salt with short sales
- 06/29/09 06:32 AM
Anyone can do the 3 P's in real estate (Put up a sign, Put it in MLS, and Pray), but how much service would that really render to your sellers in a short sale? I work in Californina, which is a non-recourse state. Meaning that if the mortgage is a purchase money loan, and it goes to foreclosure, the banks sole remedy is to liquidate the property to recover it's investment and the seller is not liable for repayment of the loss. There is the exception rule of "borrower fraud in the original application", but this requires the bank to pursue a deficiency judgement in court which takes a year or more...and … (1 comments)
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Sterling Watkins
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Anyone can do the 3 P's in real estate (Put up a sign, Put it in MLS, and Pray), but how much service would that really render to your sellers in a short sale?
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