i had my short sale accepted by both the 1st and 2nd mgt holders.the problem is the bank with the 1st refused
to waive the def judgement of 125,00. they said it was bank policy but they weren't going to pursue it this time. should i accept this or stand firm? do i need an attorney? Lou
Do not accept and be sure to get the release for a deficiancy judgment, BEFORE continuing. You may or may not need an attorney, it will all depend on how it plays out. I am not a lawyer, but I do believe they have up to 5 years to come and get it and they WILL. Email me if you have any further questions and I will tell you what I know. I will be able to go in to more detail of why and how.
I suggest you consult with a real estate attorney. Your listing agent should have a contact and may assist you in getting the answers you seek.
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