Urgent help needed! Question regarding everhome short sale approval letter
Hello experts, I got short sale approval from everhome on the first mortgage. In the letter they didn't mention anything about what happens to the deficiency. My attorney advised to get non-deficiency verbiage added to the letter. Everhome is not willing to add that verbiage and would like keep it open ended. Did any of you ran into the same issue? If so, how did you work with everhome? This is very urgent as the closing date is approaching. I would really appreciate if you can share your experience. Do you know what is best way to escalate issues with everhome?
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Permalink Reply by Jeff Payne on
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Depending on the state that you live in, removing the verbage does not necessarily remove the right to a deficiency unless it says that they are waiving their right to a deficiency. My advice would be to close the deal either way, assuming that you are the seller. Remember that you have a secured mortgage right now and when you close the short sale, they will issue a release of mortgage and will have to start a brand new lawsuit to go after the deficiency. DO NOT blow the deal over deficiency language, it is ALWAYS better than a foreclosure. Keep all of your records and fight them if they come after you. With all due respect to your attorney, he/she may not understand the short sale vs foreclosure ramifications.
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