Loan Modification Forum - LoanSafe.org - View Single Post - Negotiating Deficiency is Key in a Short Sale

emeselle · 04-20-2009, 10:46 AM

I am nearing the end of my short sale. In order to close, Countrywide is stating that the owner of the loan requires that I sign a promissory note for $15k or come up with $7k cash to cover a portion of their loss. My question is, can CW still come after me for the remainder of the balance? The difference between the selling price and what I owe is over $100k.

I have the $7k (although it's wiping out my savings) and would much rather pay this than sign the note. The short sale approval letter is a little unclear to me. I still need to talk to my realtor, but I thought maybe you folks might have some insight for me in the meantime.

04-20-2009, 10:46 AM	#15 (permalink)
emeselle Junior Member Join Date: Oct 2008 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Negotiating Deficiency is Key in a Short Sale I am nearing the end of my short sale. In order to close, Countrywide is stating that the owner of the loan requires that I sign a promissory note for $15k or come up with $7k cash to cover a portion of their loss. My question is, can CW still come after me for the remainder of the balance? The difference between the selling price and what I owe is over $100k. I have the $7k (although it's wiping out my savings) and would much rather pay this than sign the note. The short sale approval letter is a little unclear to me. I still need to talk to my realtor, but I thought maybe you folks might have some insight for me in the meantime.