Can B of A File A Deficiency Judgment Against Me After My Henderson Short Sale?

Posted under News, Short Sales by Louie Frias

There is no such thing as a deficiency on a short sale. 

Frogiveness of Debt and a deficiency are two separate and distinct situations and the terms do not mean the same thing whatsoever and the distinction is VERY..VERY..important.

A short sale is a negotiated settlement, short payoff on a mortgage. PAYOFF. When a short sale is completed, the bank issues a SATISFACTION of the mortgage AND RELEASES the borrower from all obligation. Once a Satisfaction of Mortgage is filed and the Release of Mortgage is obtained, there is NOTHING from which a deficiency JUDGMENT can be obtained. The mortgage has been SATISFIED and the Borrower RELEASED.

To learn more, get my FREE eBook, “Should I Shor Sale My Home?” by calling:

866.876.3905, Ext. 200