Don't get snookered by a short sale. A client called me for asset protection advice. His legal problems relates to a completed short sale. The bank approved the short sale if the client signed a promissory note to pay the bank the amount the bank the deficiency between the mortgage balance and the short sale price. The bank representative assured the client that the bank rarely pursues collection of the note. Four months after the short sale the bank sold the "short sale note" to an investor. The investor probably paid very little for the note. The investor has demanded the not be paid in full. The investor hired a collection agency to pressure the client to pay the note. The collection agent told the client that their only concession would be to give the client 10 years to pay the short sale note in monthly installments. Now, the client is very worried that the investor will sue him to accelerate the short sale note and convert the note to a judgment. There are many proponents of short sales who have posted blog comments. Maybe some of you short sale fans will see some advantage to this client from his short sale. To me, this is another example of why most people should avoid short sales unless the bank releases personal liability. This client is in a worse situation than he would have been following a foreclosure. The short sale liquidated the deficiency amount. In the event of a foreclosure the bank would have to spend significant time and money proving the deficiency in court. The short sale had a lesser credit impact than a foreclosure, but the client's credit will be trashed again by his default of the short sale note and subsequent civil judgment.
Read more detail on Recent Bankruptcy Posts –Legal notice about the Another Short Sale Victim rubric : Hukuki Net Legal News is not responsible for the privacy statements or other content from Web sites outside of the Hukuki.net site. Please refer the progenitor link to check the legal entity of this resource hereinabove.
Do you need High Quality Legal documents or forms related to Another Short Sale Victim?