Legal Question in Real Estate Law in Virginia

I entered into a short sell with a bank in Va 1.5 years ago. The bank secured the buyer and the dictated the price. They are now seeking a judgment against me. They also gave the buyer my personal fianacial information. The judgment is for the difference of the short sell. I no longer have any assets.


Asked on 11/08/09, 11:58 pm

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

If your mortgage was a so-called recourse(as opposed to non-recourse) loan, then the lender or noteholder would probably be entitled to seek a deficiency judgment against you unless the terms of the short sale would've prohibited such an action.

However, if you no longer have any assets, then you're likely "judgment proof" as a practical matter and would appear to have little to worry about as far as this particular judgment being enforced---at least for the time being.

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Answered on 11/14/09, 1:10 am
Daniel Press Chung & Press, P.C.

You may want to consult with a bankruptcy lawyer. In addition, you may have defenses based on either the bank's setting the price for the short sale, or based on whether the bank can show that it actually owns the note. We handle these matters in Va., so feel free to contact me.

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Answered on 11/14/09, 3:14 pm


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