Can a lender go after us for the difference in a short sale ... the property is in California.?
We bought a plot of land a few years ago with the intention of building our house of your dreams. Due to declining property prices, the credit crisis and declining our revenue substantially, we have no choice but to put the property up for sale. Finally received an offer that is less than 300k loan. We have asked the lender if can do a short sale and have agreed, subject to be placed in us to judge the difference (What is 300k). We can not afford. "Our lender has the right to impose this on us. Or is that debt is a loan without recourse, the lender can not run after us. Is it better to have just blocked rather than going through the short sale.
other positions are wrong. First, it was not his primary residence to the rules of non-recourse loan NOT APPLY CA. So yes, you can follow for the rest. PLUS, since it was not your principal residence, the IRS may impose on the 300k. As for what is "best" in your credit file. Both also are in poor condition and demonstrate that you have lost your property. It is finally time to talk to a lawyer. Today!
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