The Number ONE question you NEED to ask the agent handling your Wachovia short sale so you DON’T receive a Deficiency Judgment is…

Posted under News, Short Sales by Louie Frias

“What wording should my satisfaction of mortgage contain so I will not be liable for a deficiency judgment?”

Understand this: A mortgage is merely evidence of a loan being in place and is not the actual loan itself.

 A “mortgage” used as a single term is actually made up of two parts:

1.            A promissory note, aka,  “a promise to pay back the borrowed money.”

2.            A mortgage (document) that secures that note (debt) against that asset or real property.

Legally these cannot be grouped together simply because one wants to. A payment is based on a promissory note.

Once the proper release has been signed by an officer of the lender or servicer and recorded, regardless of what your short sale approval documents disclose, you cannot be pursued for a deficiency judgment.  You cannot collect on something that has been ”paid in full”. Get it?

What is the number ONE “secret to not having a deficiency judgment filed against you now, or in the future? “GET THE SALE DONE!”

Why? Because, a deficiency judgment can ONLY be placed by a judge!

To learn more about how to protect yourself when selling your home in today’s “short sale” environment, you MUST grab a free copy of my new eBook, “Should I Short Sale My Home?” by calling

866.876.3905, Ext. 200

In conclusion, please understand – I am not an attorney nor am I giving legal advice. You are always advised to consult a competent real estate attorney to inquire of your legal rights.