If this has been answered before I apologize.
While reading other posts a concern popped in my head that I wanted to address. We did not reaffirm our home and the foreclosure process has started. After reading that a short sale might be slightly more favorably viewed in the future we decided to list the home. As our mortgage was IIB we were not worried about any deficiency but I now wonder if a short sale changes that. Specifically, does a short sale make us liable for deficiency on previously discharged debt?
Thanks for any insight.
Michael
While reading other posts a concern popped in my head that I wanted to address. We did not reaffirm our home and the foreclosure process has started. After reading that a short sale might be slightly more favorably viewed in the future we decided to list the home. As our mortgage was IIB we were not worried about any deficiency but I now wonder if a short sale changes that. Specifically, does a short sale make us liable for deficiency on previously discharged debt?
Thanks for any insight.
Michael
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