In My Neighborhood in 92128>Question Details

Borja, Home Seller in 92128

do I still have to pay the difference regarding Loan amount to the bank after a sort sale?

Asked by Borja, 92128 Sun Aug 23, 2009

How my credit get affected after sort sale?

Help the community by answering this question:


A short sale is when you ask the bank to take less than what is owed on the mortgage. In order to do a short sale you must be in a hardship position such as a loss of job, medical bills etc. If you qualify for a short sale the bank will take less than what is owed and you are done.

This will affect your credit rating although it's not as bad as a foreclosure would.
1 vote Thank Flag Link Sun Aug 23, 2009
That depends whether your loan is the "original loan" non recourse or if you pulled money out "recourse loan" as a licensed Real Estate agent we cant answer these types of questions I suggest you speak to your tax advisor or Tax attorney.
0 votes Thank Flag Link Mon Oct 11, 2010
Hello Borja,

It does depend on the bank and the situation. Not every bank will ask you to cover the the difference. However, there some that will. Be prepared for that possibility. Good luck!

0 votes Thank Flag Link Mon Aug 24, 2009
You might. Ask your attorney and or agent who is negotiating the short sale if the bank is willing to forgive the debt. It really depends on who has the loan and various other circumstances.
0 votes Thank Flag Link Mon Aug 24, 2009
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