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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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