Short Sales: What Happens To The Unpaid Loan Balance After A Short Sale?

So, how will you know what your bank will do with your unpaid loan balance after a short sale

? Unfortunately, there is no way to know for sure. In most cases, it pays to be proactive and tell your lender exactly what you want them to do, which ideally is to accept the short sale as payment in full for your mortgage and give you a waiver of deficiency. You can call your lender and ask them to do this or simply write the request directly into the sales contract you sign with the buyer purchasing your property. There's no guarantee, but your effort can only help your chances.

Short Sales: What Happens To The Unpaid Loan Balance After A Short Sale?

By: Gerald Lucas

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