My rental, use to be residence for 18 months, is now 5 months delinquent. 1st & 2nd w/ same lender. If sold short sale will bank come after me?

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My rental, use to be residence for 18 months, is now 5 months delinquent. 1st & 2nd w/ same lender. If sold short sale will bank come after me?

Asked on June 15, 2009 under Real Estate Law, California

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If your name is on the loan, it's quite possible.  You might be able to negotiate a deed in lieu of foreclosure.

You should talk to an attorney in your area, who can give you reliable advice about what to do with this property, based on all of the facts of your situation.  It's worth the cost, because a mistake in real estate can get very expensive, very easily.  One place to find a qualified lawyer is our website, http://attorneypages.com


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