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Rebecca Nierodzinski
"Realtor"
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- 25 Answers
- 3 Listings
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Rebecca is very Tech – Savvy and will put her tools to work for you. She knows that the internet is the #1 tool people use when considering to buy or
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Among her many interests - Rebecca has a long background in Art: Painting, Drawing
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Rebecca has been a resident of the Treasure Valley for almost 20 years. Her specialty is in New Construction, but she also enjoys working with resale homes
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Rebecca Nierodzinski answered:
Devo,
You may want to go back and read the approval letter from the 2nd mortgage more carefully. I often see that they agree to release their claim on the property for the amount offered to them in the short sale, HOWEVER, they are not always releasing you from the liability of the deficiency. The only difference is that it has gone from a secured loan to an unsecured loan.
Legally, I believe that they have up to 5 years to go after you on the deficiency. Whether or not they take action to collect the debt is up to the lender. This decision is often based upon what they feel your ability to pay it back.
Unfortunately, this is a risk that goes along with doing a short sale.
I hope that this answer helps you. I would recommend double checking your approval letter before consulting an attorney.
Best wishes,
Rebecca.
You may want to go back and read the approval letter from the 2nd mortgage more carefully. I often see that they agree to release their claim on the property for the amount offered to them in the short sale, HOWEVER, they are not always releasing you from the liability of the deficiency. The only difference is that it has gone from a secured loan to an unsecured loan.
Legally, I believe that they have up to 5 years to go after you on the deficiency. Whether or not they take action to collect the debt is up to the lender. This decision is often based upon what they feel your ability to pay it back.
Unfortunately, this is a risk that goes along with doing a short sale.
I hope that this answer helps you. I would recommend double checking your approval letter before consulting an attorney.
Best wishes,
Rebecca.
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