Will I Be Held Responsible for the Difference on My Mortgage and what the House Short Sells for?

Hi, it’s Chris Bowers with the Bowers Team and we are one of Arizona’s leading short sale teams. We just want to talk about a common question I get from a lot of people and that’s about the anti-deficiency laws. People usually wonder if they will be responsible for the difference on your mortgage. So let’s say the mortgage on your home is worth $400,000 and your home is worth $200,000 and we short sale the property for $200,000 well there is a $200,000 gap and the question I get asked all the time is are you going to be responsible for that?

What I recommend is that you talk to a real estate attorney and ask them that question. It’s a good idea to go over your whole entire situation. The attorney is going to want to know whether it was a primary home or an investment home. They will also want to know what type of loan it was FHA, VA, or conventional? How much did you put down, what other properties do you own? They are going to ask you a lot of questions to really give you an answer that is going to be best for you. So what I recommend is that out there right now I know a lot of people go out and talk to people they work with or their family and talk to them about a short sale they did. They might ask their opinion on what their attorney said and then they follow that as if it’s the rule.

Really it’s more about the client and the situation is really where you are going to get the answer. So just because your friend at work said that they talked to an attorney doesn’t mean that you want to take that advice you really probably want to get your own attorney give them your exact situation and see if it’s best for your family and your situation. So really what our goal is for you to give us a call. We will have a consultation so we can go over all this stuff and guide you in the right steps to come up with a game plan that works best for you. Again, I’m Chris Bowers with the Bowers Team and we are here to help. Please give us a call today at 623-266-1939 or fill out the form on our website and we’ll reach out to you. We really just want to educate you through the process and what a short sale looks like and see if it’s something that will be comfortable for you. We look forward to talking with you soon.

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