Short Sale Promissory Notes, The New Deficiency Judgment?

www.kobyluedtke.com – Alright, I know they’re far from the same thing. It’s just that I’m getting this more and more with my short sales; the lender agreeing to my offer, but requesting that the homeowner pay back an unsecured loan (promissory note) as part of the approval. Going forward, I’m going to start treating them in similar fashion; that is, the deficiency & the promissory note, when it comes to writing my offer and my short sale packet cover page. Starting next packet, I’m going to request upfront that as part of my offer, the lender agrees to not only waive the deficiency, but also agree not to attach a promissory note to the approval. Probably won’t completely eliminate the chance that they still ask for it or both at some point, but at least I’ll be tackling it upfront so I’m able to negotiate from a stronger position later on in the process. Make sense? If not, let me know. I tend to ramble, but I’m rarely the best with words.

This entry was posted in Real Estate Investing News and tagged , , , , , . Bookmark the permalink.

2 Responses to Short Sale Promissory Notes, The New Deficiency Judgment?

  1. CaJeffO says:

    In Addition to demanding banks produce the original note and prove they have standing. ALSO I have my condensed reference notes up on a web page!!!!!!
    w w w. constitutionalvoices. org/bloggers/freedomblogger2/?page_id=1300
    ((((DELETE THE SPACES))))

    Correspond with me if you like Jeff / CAJeffO@yahoo. com
    P.S. Let’s fight together and put the pressure on the banks!!!

  2. ShortSalesBuyers says:

    Well said… it doesn’t make any freaken sense… the homeowner pays for MI insurance then they default… they paid the permiums yet the insurance company doesn’t want to cover the loss???

    Freaken NUTS!!! It’s like you buy car – get car insurance – the car get stolen – then they come back and tell you to sign a promissory note for the loss… WTF…

Leave a Reply