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If the lender/bank approves the price, is the balance waived?

Not necessarily. Often times we receive letters stating something like "Congratulations your short sale has been approved!" and then the letter goes on to say that they will release the lien at the conclusion of the short sale etc. Sellers are thrilled and real estate agents are ready to close. This is unfortunately way too common in the short sale market and is one reason a short sale lawyer may be in the interest of the seller. Sellers were closing and going on their way believing they solved their debt and removed a major dark cloud over their heads only to be contacted later by the lender/bank or an insurance company that paid the mortgage holder for the loss incurred in the short sale. All short sale approvals are not the same. A mere approval with a lien release does not result in the waiver of the balance. The approval letters must be clear as to what will happen to the balance of the debt.

Contact Tiller & Rivera Law P.A. today to discuss your short sale options with West Palm Beach short sale lawyer and real estate attorney.
Main Office: West Palm Beach Satellite Offices: Stuart Palm Beach Gardens Fort Lauderdale


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