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Legal Forums Attorneys Bankruptcy Law
Does a Short Sale Remove all Debt? (1 viewing) (1) Guest
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TOPIC: Does a Short Sale Remove all Debt?
#1718
nic (User)
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Does a Short Sale Remove all Debt? 4 Months, 2 Weeks ago Karma: 0  
If a bank agrees to short sale a house, does that mean that they cant go after your other assets. Thats what the realtor told my girlfriend.

I just wanted some professional legal advice.....for free of course

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#1721
Micky B (User)
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Re:Does a Short Sale Remove all Debt? 4 Months, 1 Week ago Karma: 0  
Check the language of the short sale. Usually, you have to truthfully declare all assets and liabilites and if the bank approves the short sale, then they will hold you harmless for the deficiency, if any.

I would hire an attorney to review the paperwork. That way this there no worry.

In fact, i believe that when they do a short sale they dont even 1099 you for the debt foregivness,

Micky
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#1782
nic (User)
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Re:Does a Short Sale Remove all Debt? 4 Months ago Karma: 0  
Thats good to know. I will make sure that we review all the papers prior to signing. If the bank is to hold her harmless, it should be spelled out in the papers.

Thanks for your help.
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