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Question
I want to sell my home in San Diego, but I’m afraid the bank might sue me for difference? Can they do that?
Answer
This is a good question that is best answered by a qualified Real Estate Attorney. In some states, such as Arizona, most people refer to as a “Non-Judgment Deficiency” state. What this means is that generally speaking if the bank forecloses on your home, they cannot pursue you for a deficiency judgment. For more specifics on this topic, please refer to the your states Revised Statutes and consult a qualified Real Estate Attorney.
It is also important to know that most Home Equity Lines of Credit (HELOC) are not just secured to your home, they are also personally “backed” by you. What this means is that even though your HELOC bank may agree to do a Short Sale or Foreclose on your home, they still may attempt to collect on your account – even after the Short Sale or Foreclosure is complete.
Can We Help You With A Short Sale in San Diego and Negotiate With Your Bank?
If you are looking to short sale your San Diego home quickly, we can help you with a Short Sale specialist in your area who is an expert in foreclosures and short sales in San Diego as well as negotiating with your bank on the remainder of your loan. We also network with approximately 275 short sale experts (not just self-proclaimed, but who have actually successfully negotiated more than enough short sales to meet your needs) across the country who do their job very well. If you need assistance with your San Diego short sale listing, then let us know. Please call us at 858-707-5628.
Time is of the essence in a short sale or foreclosure negotiation. Don’t wait if you are considering a short sale. Time is fast and the next thing you know is that you have a letter of default, which often leads to bank owned property. Get help with your short sale today!
