Re: credit
Posted by Ralph on June 30, 2007 at 16:05:41:
In Reply to: credit posted by Ayesha Majid on June 30, 2007 at 12:52:20:
Your credit is negatively impacted by a short sale. If the bank agrees to a short sale, it will not come after you for a deficiency. A short sale is an agreement by the bank to accept title to your property for less money than you owe on the mortgage. It is agreeing to write off the deficiency. If you have seconds or other entity liens you need to be sure that those obligations are wiped out by the short sale as well. You should see a lawyer to be sure your interests are protected.