My brother is trying to short sell his home and he's telling me that the difference between what he owes and what it's sold for are going to be a loss to the bank. I'm just wanting to make sure he's understanding correctly, because it kinda sounds too good to be true to me. Knowing him, there's probably plenty of details being left out here. I know it hurts credit ratings, but other than that I'm clueless. Does anyone know any more about the deal with short sales?Answer Question
Answer by calliesmommie at 3:20 PM on Mar. 12, 2009
Answer by aajsluckymommy at 3:21 PM on Mar. 12, 2009
Answer by MommyToSmeech at 3:23 PM on Mar. 12, 2009
The mortgage holder can go after what is called a deficiency judgement, wherein it sues your brother for the difference.
Answer by Della529 at 3:27 PM on Mar. 12, 2009
Answer by Elsasmom at 3:35 PM on Mar. 12, 2009