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Does a Short Sale Result in Deficiency Debt?

Posted by AcclaimLegalService

Many homeowners seek a short sale if they are no longer able to maintain their mortgage payments or wish to step away from the property due to valuation issues.  In most cases, the homeowner needs to prove a financial hardship for the bank to engage in a short sale.  When the house is sold for an amount less than your mortgage, the remaining balance is known as "loan deficiency debt." The common…

Read more | Nov 07, 2013

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Five years ago I was in so much debt that I couldn’t think straight. I wasn’t eating or sleeping properly. Then I lost one of my jobs (neither one was paying very much, just a bit over minimum wage). I began to be late on my house notes every month. I got into a car accident which threw me behind…
Wendy

(Warren, Michigan)

I just wanted to let you know how much I appreciated your help throughout my Chapter 13 bankruptcy.  I am so glad I decided to go with Acclaim Legal Services.  Everyone I dealt with were very professional.  I really appreciated how quickly you responded to me…
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(Ann Arbor, MI)

When I started at Acclaim they were every helpful in explaining the things i need to know an what all the paper work i needed to get together. As i went through all the process on my Chapter 13 bankruptcy they kept me informed of all i need to do and to get for them.  If…
Jerome

(Detroit, Michigan)

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(White Lake, Michigan)