Unfortunately, I'm closing on my house as a short sale next week. The following is part of the short sale agreement from Seterus:
"Upon completion of all requirements by borrower(s), Seterus, Inc. will execute a release and a discharge of the deed of trust/mortgage and, if necessary, will dismiss any pending legal action to collect this obligation."
Should I be nervous for the next 7-10 years about Seterus coming after me for the difference regardless? What are the chances that they will pursue deficiency? My attorney stated that they won't pursue the deficiency, and I should be exempt from paying taxes since it was my primary residence.
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It lloks like a generic reply, so that if you are in a non-defficency state it applys.
Real Estate agents cannot provide this advise, as Wendy says, check with your or another attorney! Seterus can be brutal, your lucking you got an approval!
Best of Luck!
Ashor - It seems you are not confident in your attorney. Take the approval letter to another attorney for a second opinion.