Hi Tiffany , Whether banks can come after you and will pursue deficiency judgments depends on many factors, In the case of â€œForeclosure or Short sales â€œ lenders can pursue deficiencies depending in what state the borrower lives in and whether there's a second mortgage or other liens.
You should seek the advice of a tax attorney, certified public accountant.
I Need to disclose this, ( This information is meant for general information purpose only is not to be construed to as tax, legal advice, please consult your CPA, Your attorney for legal counsel )
Some states, Such as California, are "non-recourse" and don't allow deficiency judgments. That means that the lender has no legal recourse to obtain a â€œ Deficiency judgments â€œ against you after a successful short sale or Foreclosure on a â€œ Non -recourse loan â€œ But, even there, if the original loan was refinanced, some or all of it may be subject to claims.
If thereâ€™s a second mortgage or other liens you are Personally liable from the debt that is a â€œ recourse - loan , Not matter if is a Short sale or Foreclosure ( there is a lot of confusion )
you should seek the advice of a tax attorney, certified public accountant.
Donâ€™t forget before walk away you may have a â€œ 1099c issued by the lender after a short sale or foreclosure !!!I
If you are in a situation where you canâ€™t afford to send the bank money and may be facing foreclosure, then a real estate short sale may be the perfect solution for you. First youâ€™ll need to know if you qualify !
Not every homeowner is qualified to do a short sale in Riverside Ca, Surrounding Areas.
There are many different lenders, policies governing the short sale procedures. The lenders all have their own criteria of what short sales they will accept.
Remember in a Short sale event if your short sale is handled successfully, the lender may give up the right to pursue a â€œ deficiency judgment.
Let me explain to you the advantages of a â€œ Real Estate Short sale â€œ
1-You pay no out of pocket expenses, This includes the real estate commission and all other closing costs.
2-During the short sale process you can remain in your home for FREE until it closes.
3-With a real estate short sale you donâ€™t have a foreclosure on your credit you'll have an easier time finding a place to rent. A foreclosure or eviction are red flags for landlords.
4-You Save Your Credit. A short sale will have an impact of 80-100 points on one's credit, compared to 250-350 points a foreclosure has on a credit score.
5-You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years.
6-Retain some dignity in knowing that you sold your home.
8-You help the economy one step forward to the recovery.
9-You can have a fresh star.
If you need honest professionals to guide you in the best direction Call me,
In a 15 minute telephone call, we can explain to you all the current options available to help you solve your short sale situation.
Contact me for a confidential consultation.
My services are always FREE to the sellers.
I am here to help you.
I am your local Pre foreclosure and Short sale Specialist. Who care about you and the community in which you live. And I can walk you through the process, determine your eligibility, and provide you with the best solutions available for your particular circumstances.
Cecilia Rodriguez. Specializing in Residential Real Estate, Pre foreclosures, Realtor, Distress property expert. Certified Action Specialist.
( 951 ) 858-5797
Lic # 01505884
Prudential California Realty.