Legal Question in Real Estate Law in California

Your short sale will amount to a brand-new contract with the bank. Your rights and responsibilities will be whatever your short-sale deal says. Be wary and read and understand every word. Many defaulting homeowner-borrowers are safe from a deficiency judgment in a foreclosure, but thay can give away that immunity by carelessly agreeing to a poorly-negotiated short sale. Ask the lender whether the proposed short sale absolutely and finally releases you from any further liability to the lender. Have the lender show you the words in the contract. Read and understand, Not all short sales work the same!

I concur with attorney Whipple. There is such a thing as a deficiency judgment, but if the short sale was handled through a reputable company, this is usually a clause that is included. I agree...read the agreement to make sure and don't be afraid to ask questions.

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