As a requirement before lenders with allow you to short sale your home, most lenders will require homeowners to sign contracts agreeing to the bank's stipulations in selling the home. Many times these documents will include boilerplate language that can be harmful to a borrower's position. In some cases, as a condition of short sale, borrowers are asked to sign a promissory note agreeing to pay the balance of the deficiency amount after the sale before the house can even be sold. As a result lenders will be contractually able to obtain a deficiency judgment when short sales did not cover the entire cost of the mortgage.
Never sign a promissory note for a lender without knowing the legal consequences that document will have on your short sale. If you are considering the foreclosure alternatives such as short selling your property contact a Florida Foreclosure Lawyer or a Jacksonville Foreclosure Lawyer today to determine what foreclosure alternatives may be available to you and what alternative may be the best in your situation.
