Elk Grove Short Sales-Avoid Deficiency Judgment
What is a deficiency judgment? A deficiency is the amount of the principle mortgage LESS the amount the bank receives from a short sale. A deficiency judgment is when the lender tries to collect some or all of the deficiency after the short sale closes.
Attention Elk Grove Short Sale Sellers.... you DO NOT want to agree to a short sale if the bank wants to include a deficiency judgment in the short sale approval letter. The short sale approval letter will say something like this: The lender or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due.
As an Elk Grove short sale agent, I never advise my short sale sellers to accept a deficiency judgment, EVEN if that means the short sale doesn't go through.
So what can be done about a deficiency judgment? An Elk Grove short sale expertwill negotiate on your behalf to remove the deficiency judgment prior to closing your short sale. This is when using an experiencedElk Grove short sale specialist matters the most. A short sale is not the time to use your best friend's cousin who sells six homes a year!
Protect yourself and start recovering from your Elk Grove short sale. Don't accept a deficiency judgment!
Find out if you qualify for an Elk Grove short sale!
Elk Grove Short Sales-Avoid Deficiency Judgment
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