Ray

First of all thanks a lot for your inputs.
From your responses it appears to me that the clause regarding the deficiency judgement is not a generic one. So is the amount that the seller has to contribute clearly indicated on these demand letters?
I am yet to sign my agreement to their demand letter. In the same letter they state that they could require a promisory note from me but also confirm that this will be of zero value. Its pretty confusing esp to someone like me.
I guess an attorney is my best recourse but before I started talking to attorneys, I wished to check with other sellers who might have experienced a similar situation. So I can convince myself that the dollars paid to the attorney is worth the money - Thu Jul 9 2009, 20:50

Sorry I omitted to explain when I asked my question - I had to relocate owing to job reasons. I am forced to maintain two establishments now. That is the reason for selling - Fri Jun 5 2009, 11:18

Hi Derek

Thanks again

No I am not more confused. I already was pretty confused.

Regards
Mike - Thu Jun 4 2009, 13:22

Hi Derek

Thanks for the response. I gather from the link you attached that relocation does qualify as a hardship. So that certainly helped.

My biggest dilemma is whether to continue making payments while my lender reviews the short sale proposal. I realize that this is not a matter for realtors to lend advise on. But I would like to learn what sellers in my kind of situation are doing in general. Yes I have the money to pay my instalments but I am saving nothing owing to all my additional expenses. If nothing else I would be very grateful if someone can help explain the cons of making timely payments during a pending short sale. Any information would be greatly appreciated

Regards
Mike - Thu Jun 4 2009, 10:15