How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TMcJD Your Own Question
TMcJD, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6516
Experience:  Bankruptcy Attorney
Type Your Bankruptcy Law Question Here...
TMcJD is online now
A new question is answered every 9 seconds

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: 6 years ago.
Category: Bankruptcy Law
Expert:  TMcJD replied 6 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).


Thank you for using JustAnswer. Your “accept” (by clicking the green “Accept” button) would be greatly appreciated. Otherwise, neither I nor JustAnswer can be compensated for the time and resources expended.

You understand that by your continuing in this conversation with me, or by clicking “Accept”, you are expressly agreeing that our communication is intended for general informational purposes only and shall not constitute and/or be relied upon as legal advice or be construed as creating an attorney-client relationship. Further, you will not rely on anything I say and will obtain appropriate legal and or tax advice with an attorney or other professional licensed to practice in the jurisdiction where your legal or other issue arises.
TMcJD and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions