Tags: deficiency judgment, Foreclosure
What happens if you decide to purchase a foreclosure and then do a short sale.
September 9th, 2009 by Jarad S.Question: What happens if you decide to purchase a foreclosure and then once done do a short sale on your 1st home? Can you the bank come after your 2nd home?
Answer: -No. The only time they can come after your other properties is if you used them as collateral to get the loan for the other homes. Typically this happens more often in commercial transactions. Most banks won’t lend you the money if the property itself isn’t sufficient collateral for the loan. Your biggest concern would be a deficiency judgment.
