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I am in the middle of a short sell on my home and i was wandering

Resolved Question:

I am in the middle of a short sell on my home and i was wandering if the bank came come after me for the the blance owned on the mortage. I had to relocate for work or lose my job and i can not afford to make mty mortage payment and rent. I heard of a law thatwas passed about forgivness of payment?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TMcJD replied 5 years ago.
If the lender does not agree to waive any deficiency (the difference b/w the short sale price and what you owe) then they could file a suit against you and obtain a deficiency judgment. If they do so, they can then file the judgment as a lien on any property you own and seize any non-exempt assets (such as a wage garnishment).

You may be able to get them to agree to waive any deficiency as part of the short sale process. If they do so, you will have to pay income taxes on the amount waived unless you were/are insolvent at the time of the short sale (although you should speak to an accountant about this).

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TMcJD, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6515
Experience: Bankruptcy Attorney
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