Hi John,

It is not difficult to get a deficiency released, as long as the agent negotiating the short sale knows what they are doing. To be honest with you, most of my short sales are investments for clients that live in other states. The majority of my short sales get approved with a release of the lien AND the deficiency balance. There are a few cases where the homeowner's finances are too strong for a full release and the lender will require a promissory note or cash contribution at closing, however most of my short sales have not required this.

I specialize in short sales and have been successfully completing them longer than most agents even knew what a short sale was. I have a great amount of experience and knowledge about the process and how to get them approved in favor of the homeowner. Feel free to call me anytime to discuss your situation with me. I would be happy to give you as much as advice as possible and give you my opinion of your short sale getting approved without a deficiency.

Hope to hear from you soon...

Len McGuirk
Certified Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688

John - There is no one answer. It is not only dependent on the mortgage company involved, it also depends on your assets, or lack of. Despite the fact that you're upside down as most property owners here are, if the bank believes you have assets with which to pay, they are less likely to release the deficiency.

Lawyers may or may not be able to help you. You may spend money on an attorney, only to have them also not be successful in negotiating away your deficiency.

I'd talk to the person who does my financial planning as well as consulting (but not necessarily retaining) an attorney to see what your options are.

If you own several investment properties, and are upside down on all of them but not upside down on your personal property, you may have more options than if the only property you're upside down on is one investment property. But beware of signing up with loss mitigation companies that aren't currently licensed and bonded by the Nevada Mortgage Lending Division ( a new state law requirement) as you may not be protected about getting your money back if they're unsuccessful -- and this includes attorneys.