real estate short sale
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real estate short sale
The 2nd lender is asking for more money outside the settled sale?
Asked on June 3, 2009 under Real Estate Law, Arizona
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT that practices in this area. I would have to see the short sale documents to really give you a definitive answer, but the short answer is that they should not be asking you for more money outside closing if they signed off on the short sale (i.e. approved). you should look into whether and to what deficiency they waived off on. this way you can claim that you did the short sale as a result of their representation that it would accept the short payoff. i would consult with the lawyer or person that handled the short sale for you as it doesnt make sense. if there is no basis, i suggest reporting the bank to the banking commissioner and copying the bank on the complaint.
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