[Fredslist] PROFESSIONAL OPINION NEEDED FOR FRIEND RE "SHORT SALE" IN FLA

[Steve Kirschner Matrix]

Gotham family
 
Question: If a bank agrees to the "short sale" can they rightfully hold the
borrower liable for the difference between the loan amount and the reduced
sale price? 
 
See summary of situation below and I would appreciate some professional
opinions from the tribe.
 
Thanks!    
 
The house address: is in Deland Florida 
3 bedroom ranch on the golf course
 
 Bank:1 West Bank formerly known as Indymac Bank based of our Sacramento,Ca.
 
Home purchased about 5 years ago for $300,000.  The customer offered
$150,000 on a short sale - the amount due the bank is about $285,000  or
less.
 
The bank accepted the short sale, but wants  my friend's son to sign a
document indicating he will still be responsible for the unpaid balance,
even though they would record the loan  as satisified.
 
My friend's  son supposedly hired an attorney for $2500 to handle this but
may not be getting the best advice. 
H. Stephen Kirschner
Director of Finance and Development

MATRIX REALTY ASSOCIATES, LLC
732 Smithtown Bypass #200
Smithtown, NY 11787
(o) 631 979 2777
(c) 516 528 2288
(F) 631 979 3198
email: skirschner at matrixrealtygrp.com
  

 
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