Legal Question in Real Estate Law in Virginia

Short Sale on House
I purchased a home several years ago. The home was appraised by the mortgage company's appraiser and it was appraised for more than the asking price. I purchased the home, went through a financial hardship - couldn't sell the house - couldn't even 'give it away'. I contacted a company who would 'buy my home for cash' and they contacted my mortgage company to do a short sale. The mortgage co did a financial background check on me and agreed to the short sale but now they've hired a team of lawyers to recoop the difference between what the house was sold for and what I owed. Am I going to be stuck paying the difference? They agreed the house wasn't worth hardly anything as well - what can I do? Thanks!

Asked on 4/11/06, 4:19 pm

2 Answers from Attorneys

Robert Strupp Robert J. Strupp,Attorney at Law, PLC

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Re: Short Sale on House

To answer your questions, it is best for an attorney to review the documents. I am working with a non-profit that specifically focuses on this type of activity. As a general response to your question, you may have a cause of action as a result of the appraisal and that may also be a defense because, in your facts it was the "mortgage company's appraiser".

Answered on 4/12/06, 12:16 pm

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