Legal Question in Real Estate Law in Arizona

''short sale''

I am a homeowner about 4 months behind on my mortgage due to a seperation from my fiance. A group of investors are attempting to negotiate with my lender, but they advised me they will offer my lender less money than what I owe, due to I owe more than what my home is worth. My question is Can my lender go after me for the difference of the loan? Is there anything me or the investors can do to make sure the bank doesn't come after me for the difference?


Asked on 1/18/07, 3:17 pm

1 Answer from Attorneys
James Jenkins Jenkins Law Center PLC

Re: ''short sale''

The short sale agreement should provide that the lender waives any deficiency, and that you owe nothing further since they agree to accept an agreed amount as full payment. See an attorney to verify your rights are protected.

Read more
Answered on 1/19/07, 10:43 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Arizona