Do I owe money after a Short Sale? The answer is NO and here is why
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Great information, Michael. Have you had any luck in arguing these points with the banks? I got stuck with two properties that I had to short sale. The first was sold with no deficiency and I even got the original note back . The second, on which I paid for ten years on a 15 year note, is being processed but the bank is talking about "going after me" for the deficiency. By the way in ten years I have paid $56,000 in payments with an original mortgage amount of $50,000.
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Yes these points combined with the Fair Debt Collection Practices Act FDCPA are keeping most lenders and scummy collectors quiet. Not sure what "talking about going after me for the deficiency" means. Civil process is pretty clear either you are being sued or your not. If there is no mortgage attachment, launching a civil complaint to collect short sale money is an expensive task with very little hope of return. Which should be met by your very messy counter suit .
mikekteam 1 year ago