JustAnswer > Real Estate Law
Ask A Question|Register|Login|Help
JustAnswer

Real Estate Law
Ask a Real Estate Law Question, Get an Answer ASAP!

Have your own Real Estate Law question?

3 Lawyers are Online Now
characters left:
Not a Real Estate Law Question?
Bookmark and Share

Question

Finally we got approval from senior and junior lien. Junior says that they will release its mortgage or deed of trust on the property upon satisfaction of all terms of final short sale (which is HUD STUFF) does this mean I will not be liable for any future claims from them $ wise? Senior lien says on thier approval letter " agreed to accept less than full payoff to release its lien interest", also.. the terms of this agreement may constitute a forgiveness of debt for the referenced seller...I understand this better but I'm don't feel so good about the junior lien, once they release the lien to the buyer can they come after me in the future or this is it? thanks, awaiting ...

Submitted: 39 days and 2 hours ago.
Category: Real Estate Law
Value: $15
Status: CLOSED
+
Read More
Posted by Dimitry Alexander Kaplun 39 days and 1 hours ago.

Answer

Yes, if both senior and junior lien holders accept the terms, you will not longer be liable for any deficiencies or any claims from either of them.

Sincerely,

XXXXXXX XXXXXXXXX XXXXXX, Esq.

34 days and 9 hours ago.

Reply

Do we Need to get a letter from them stating that we no longer be liable for the diffrence (short pay) or by them releasing the lien (both senior and junior) it makes is effective without an additional letter specifying such? I'm in California is the law different in PA &NJ?

Answer

Yes, you should have some sort of a letter or a statement of release that the lien holders are giving up their future rights and obligations of bringing suit against you for the deficiency. Here, the law is relatively similar--you need to have proof that the lien holders both released you AND are giving up their claims to the deficiency.



Sincerely,



Dimitry Alexander Kaplun, Esq.

Picture
Expert: Dimitry Alexander Kaplun
Pos. Feedback: 96.9 %
Accepts: 
Answered: 10/20/2009

Lawyer

Licensed in PA & NJ , specialize in business/contract disputes, immigration, estate creation & admin

+
Read More

Related Real Estate Law Questions

  • CAN YOU START LITIGATION AGAINST AN APARTMENT RENTAL ...
  • rental burn total loss how do i handle it on my tax return
  • I spoke with a Mr.Wingo and would like for him to call me .....
  • How do I go about, as an individual, filing an ...
  • The wife constantly harasses my sister-in-law and nephew
  • i am selling a 50% share in some land and i am to be paid .....
  • I have a section 8 voucher for rental. I went to
  • My wife & I own an investment home, my daughter



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.