Today we’re going to address delinquencies and a inquiry that we get quite a bit from our clients. The question is “Do I have to pay the difference between what my house sells for and the amount I owe on the home after I do a short sale?” The simple answer is, in most cases, no you don’t; however, it’s generally not that cut and dry.
There are a couple of various situations in which you may be responsible for the difference, such as having a home equity line of credit. Some loans, such as construction loans and lot loans, require the homeowner to pay the difference back.
If you’re not sure and want more information, by speaking to us and allowing us to ask you a few questions we can determine whether or not your loan is one that would fall under the deficiency rights or non-deficiency rights. There’s a very good chance that we will be able to negotiate with your lender so that you will not owe any of the money back to the lender.
Many agents out there, even though you are not liable for the deficiency, will create one for you because of their inexperience. Avoid letting an inexperienced agent practice a short sale on your property and get in touch with us, the 12:45 Team, one of the most experienced short sale businesses in the area. We have a 100% success rate when it comes to short sales, which is something no one else in the industry can say.
If you have any questions or want more information regarding short sales, please give us a call and allow to help you. We’ll always provide you with the finest customer service and the most up to date information with regards to short sales in the Northern Virginia/MD area.
