Hello Short Sale Superstars... Can you help with the right verbiage to protect me as Owner on the shortsale of my house? I want to make sure bank will not come after me on deficiency. Please review the verbiage below and let me know if I'm protected. If not, please recommend a better verbiage. Thank you :))
5. Upon receipt of the NET PROCEEDS and a COPY OF THE FINAL SETTLEMENT STATEMENT,Chase. will give a full release and reconveyance of their loan as agreed and no deficiencyjudgment will be instituted.
6. All judgments and/or liens must be cleared and settled prior to closing. Proof of release must bepresented at time of closing.
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Jennifer, I agree with Brian. I'm definitely no lawyer, but this is a great approval where I'm from. Hopefully it's not a second property and you don't have to worry about tax ramifications.
I think this is a good approval.
Jennifer. You should seek legal advice with this. Depending on your States laws and circumstances you may not be able to get a waiver of deficiency. But just remember that if they foreclose on yo the deficiency is almost a given.