What if the lender/bank does not waive the balance/deficiency?
This can happen but in many cases the debt is either forgiven completely or there is a settlement for a lesser and affordable amount. If the bank either fails to approve the purchase price, the waiver of the deficiency, or any other term of the short sale the seller or buyer should be able to terminate the Contract if drafted properly. This is one area that is critical and it is often advisable to retain a real estate lawyer or short sale attorney to ensure you are protected if the short sale fails.
Contact Tiller Law today to discuss your short sale options with West Palm Beach short sale lawyer and real estate attorney.
Main Office: West Palm Beach Satellite Offices: Stuart Palm Beach Gardens Fort Lauderdale