http://www.bankaholic.com/the-right-bid-is-key-to-closing-short-sales/ Compare the Best CD (Certificate of Deposit) Rates, Highest Money Market Rates, Best Savings Accounts, Bank Deals, Interest Rates and Bank Reviews! Thu, 09 Feb 2012 15:54:17 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.bankaholic.com/the-right-bid-is-key-to-closing-short-sales/comment-page-1/#comment-179655 Terrin Tue, 09 Mar 2010 03:24:29 +0000 http://www.bankaholic.com/?p=6348#comment-179655 More importantly is making sure you know what you are getting yourself into by doing a short sale. For most banks, approving a short sale doesn't meaning forgiving your debt. It just means agreeing to lift the lien so you can sell the home. So in many States doing a short sale can really harm the seller by opening the seller up to a future lawsuit that the seller may not have otherwise faced. For instance, in some states foreclosure is the only remedy for a bank when a borrower defaults on a loan and the bank wants to mitigate losses by exercising it's lien. If you agree to short sale the home though, you may be giving the bank permission to go after a deficiency balance where it may not have been able to otherwise. You do this by signing a promissory note attached to the short sale. Further, giving up the home via a short sale in some states may mean you are not only allowing the bank to sue you in the future, but you may be ruining your ability to file bankruptcy if the Bank goes after you. The home is a big asset if one needs to file bankruptcy. If you are considering a short sale, make sure a real estate agent isn't the only one giving you advice. Talk with an attorney in your state. More importantly is making sure you know what you are getting yourself into by doing a short sale. For most banks, approving a short sale doesn’t meaning forgiving your debt. It just means agreeing to lift the lien so you can sell the home. So in many States doing a short sale can really harm the seller by opening the seller up to a future lawsuit that the seller may not have otherwise faced. For instance, in some states foreclosure is the only remedy for a bank when a borrower defaults on a loan and the bank wants to mitigate losses by exercising it’s lien. If you agree to short sale the home though, you may be giving the bank permission to go after a deficiency balance where it may not have been able to otherwise. You do this by signing a promissory note attached to the short sale. Further, giving up the home via a short sale in some states may mean you are not only allowing the bank to sue you in the future, but you may be ruining your ability to file bankruptcy if the Bank goes after you. The home is a big asset if one needs to file bankruptcy. If you are considering a short sale, make sure a real estate agent isn’t the only one giving you advice. Talk with an attorney in your state.

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