This has got to be one of the most commonly asked questions we get when someone is considering doing a short sale. The answer is complicated and depends on each individual’s situation. I had a few of my clients call me after seeing/reading the following article- click here to read: Article in AZ Central regarding people owing $ after a short sale
The following questions help us give people answers on what to expect if they are going to apply to do a short sale- see here: Answer a couple -’s here to see if we can help you
Once we know whether the loan(s) in question were used to buy the home; or cash was taken out and used for other things- we can usually point our clients in the right direction to consult with other professionals depending on their concerns. We always recommend talking to attorneys and/or accountants since everyone’s situations are so unique. We are lucky that we are in Arizona, because our laws here offer protections against judgments from the banks in many cases- whereas in other states, there are no legal protections regardless if the loan was used just on the home or not.
The biggest thing we can do to help is make sure in the end, that our clients have read and understood the terms of their approvals to do a short sale so that there are no surprises down the road. Please call us to discuss your personal situation; we offer no cost consultations free of any obligations- 480-243-4242.
