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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
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Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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We are canadian citizens who are considering a short sale in

Resolved Question:

We are canadian citizens who are considering a short sale in the US. We lived and worked In the US for 3 years and bought a home in Las Vegas Nevada in 2005.We moved back to Canada in 2007 and kept the home as an investment property and have rented it out for the past five years. Our home has sustained major water damage due to a leaky pipe.The insurance company will not cover it. Our tennant is likely going to move out so we are going to be left with too much of a financial burden to repair and continue renting out the property.


 


The balance remaining on the mortgage is 260,000 and we are looking at a short sale for about 100,000 for a damaged as is property.


 


My question is when filling out all of the short sale information they require all sorts of financial information. Are we obligated to disclose everything to the bank as part of the short sale process? My wife is the sole person named on the mortgage so do we only need to provide them with her financial information? Should we provide them with mine as well?  What rights do we have in terms of them coming after us here in Canada? We have our mortgage with the bank of America which has a policy in place to forgive the deficiency if you can establish financial hardship.We are not sure what they will do with us because we are canadian citizens and we no longer live in the US.

Submitted: 1 year ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 1 year ago.

Thank you for your question.

To answer your question directly, a 'short sale' is something that the mortgage companies do at their discretion. They have flexibility in accepting or denying the short sale from taking place. It also means that if they are requesting information such as your credit to see for themselves that you are unable to make the payments (as one example), that is reasonable and should be provided. If you do not, they do not have to grant you the short sale. You only need to provide them with information requested, and if they only requested you wife's information, that is all you provide.

Canadian and US courts permit each other the pursuit of debt collection. If they end up obtaining judgment against you in Nevada, they would be able to pursue you for this debt, they will just have to use local (meaning Canadian) rules on collection of the debt.

Good luck.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 36753
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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