Re: Lender wants me to sign a collectable balance?
Posted by Nick(Colorado) on May 21, 2008 at 10:24:59:
In Reply to: Lender wants me to sign a collectable balance?
Posted by dun on May 20, 2008 at 21:17:42: Dun:
Well the term "collectible balance" sort of implies
that they will be handing the loss over to a collection
agency. Florida is a deficiency state, so I would
assume that they will want you to sign a new unsecured
note at closing to cover a portion of the loss. You
might what to contact your short sale expert to make
sure of what is happening to the banks loss. If its a
small amount of money that one thing, but you did not
give any figures.
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