Q: I have situation where the Husband and Wife signed a note. They are going thru a Short Sale and the second is with RBC. The Decree of Divorce states Husband is 100% liable for the note. Will RBC release Wife from deficiency under this circumstance.
After the short sale is done, is there any negotiation of the deficiency? What terms do you normally agree to?
A: RBC will not release the wife from the note.
The deficiency balance is not forgiven, in whole or in part. Terms of the repayment will be determined by the financial information received when the short sale is submitted.
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