Barbara,

Once you submit the purcahse offer from the buyer and when the bank starts the negotiation on the terms and condition, then your realtor needs to bring that point (not to follow for any money) and get it in written from them in order to close the deal. Your realtor can help you to negotiate on your behalf.

Is it already on the market and working with a realtor or just start looking for a realtor? Let me know if you need further assistance. my email: blaison@blaisonsamuel.com

Blaison Samuel
Certified Short Sale Specialist
510-366-9405

Please explain, what is Blaison?

Sounds like Blaison maybe a good resource for you. I know there are folks who are doing nothing but short sales and have been gaining great experience in negotiating with the banks. You need a tax attorney though to answer the questions that are legal and may have implications of liability and exposure. HTH

Barbara,

If you have cashed out then it will be a recourse. If you are thinking of doing short sale, then it will be a negotiable thing whether the bank will come after you or not. Consult with your CPA for any tax ramification.

You may settle everything at the time of getting approval from the lender once you submit the short sale package. But you need a good short sale agent on your side to negotiate so that they can make some kind of arrangements.

Blaison Samuel
Certified Short Sale Specialist
510-366-9405