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Ask a real estate pro: Lenders vague in short sale approval letters – Sun Sentinel * coral springs real estate jennyforhome *

* coral springs real estate jennyforhome *

By Paul OwersJuly 20, 2012 07:00 AM

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Board-certified real estate attorney Gary M. Singer writes about the housing market in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner’s associations or any other residential real estate topic, click here.

Q: I am trying to complete a short sale of my home and received an approval letter from my lender. I can’t tell if I’m being released from the remainder of the debt. My real estate agent will not explain the seven-page letter to me. It does say that I will be receiving a 1099 form for the deficiency. How do I know if I am off the hook? – Anonymous

A: The only way to tell if you are truly released from the obligation is if your lender says so in writing, such as, “You are released from any further liability under this loan.” Your real estate agent is correct in not trying to explain the approval letter. Consult with an attorney instead. Approval letters often are vague on this issue. Simply getting a 1099 form regarding the “forgiven debt” is not enough, and your lender can still come after you for the deficiency if your approval letter does not specifically release you.

I have had many cases in which I have had to get the lender to clarify in the approval letter that the borrower was released from the remaining debt, which can be a difficult and time-consuming task. I also have had instances in which we have not been able to obtain the full release in writing. Still, most people are better off with a short sale, even without a full release. They may be able to negotiate the debt for pennies on the dollar, and they will save themselves a lot of time and frustration.

The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed, nor should any such relationship be implied. Nothing on this blog is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

To follow Gary Singer on Twitter, click here.

* coral springs real estate jennyforhome *

About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 1398 SW 160TH AVE. SUITE 105 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail : jenny_shin62@hotmail.com

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JENNY SHIN PROFILE


Jenny Shin / 신정미 부동산
(Broker's Real Estate)
1398 SW 160TH AVE. SUITE 105
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail : jenny_shin62@hotmail.com

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