WE ARE APPROVED FOR SHORT SALE- WILL WE BE RESPONSIBLE FOR LATE FEE'S MISSED PAYMENTS AND ESCROW SHORTAGE?

WE ARE APPROVED FOR A SHORT SALE BY THE FIRST AND WORKING WITH THE 2ND. WHILE THE FIRST AGREED TO SETTLE FOR LESS AND CONSIDER THE DEBT PAID IN FULL, I AM WONDERING IF THEY CAN PURSUE COLLECTION OF ESCROW SHORTAGE OR UNPAID LATE FEE'S? OR IS EVERYTHING WIPED OUT WITH A HAFA SHORT SALE?

Posted by DEB
from MI




1 Answer

0
When a short sale is approved the lender is agreeing to accept that as payment in full (check for full satisfaction language in the short sale approval letter). This payoff will account for any escrow shortage and late fees.

Answered by Michelle


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