I'm getting divorced from husband and he wants to do a short sale if it is approved. Would I still be held liable for what is owed or would i be better off letting it go to foreclosure?
State/Country relating to question: Virginia
In either a short sale or foreclosure if your name is XXXXX XXXXX note you would be liable for a deficiency judgment. A divorce cannot relieve you of your obligation to a creditor in either a short sale, or foreclosure. If you can get the lender to release you from any deficiency as part of a short sale this is the better option. You MUST however make sure you get a WRITTEN release from any deficiency.
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