You see lots of definitions of a short sale in which people state that the Lender agrees to accept less than what it is owed as full settlement of the loan.
That is a very dangerous definition. It is found in most of the websites on the net, it is found in most of the training materials I have seen for Realtors. And it is certainly stated by most Realtors.
It is also proof that you need an attorney to oversee your short sale transaction. The lender is trying to get its best deal and so is the buyer. The listing Realtor has to have the sale go through to get paid.
So who is going to be smart enough to make sure the seller is released from the deficiency. I have seen paperwork in which the lender states that is releasing he lien against the property but it is not releasing the seller from his or her liability on the note.
Whose is being paid to watch out for the sellers interest. More than one seller has contacted me and said, I sold my property via a short sale and now the bank is trying to collect the deficiency.
A short sale should be protecting your future not destroying it.
The note does not even have to part of the dea
