QUESTION
Short Sale approval letter has verbiage that I don't understand does it mean they can still demand more money?
Asked on Apr 19th, 2013 on Foreclosures - Illinois
More details to this question:
The verbiage I'm hung up on says “Moreover, Real Time Resolutions, Inc. reserves the right to pursue loan contract or tort claims associated with the origination or purchase of the above referenced loan or property or with the settlement, such as fraud, negligence, perjury or any other claims."
4 ANSWERS
To give you a good answer, your lawyer would need to read the entire contract.
Answered on Apr 23rd, 2013 at 9:47 PM
No. It seems to be talking about claims arising out of the short sale transaction itself, such as breach of the short sale contract or someone making a misrepresentation in the course of the deal (fraud).
Answered on Apr 23rd, 2013 at 1:27 AM
If they agree to a short sale they cannot reserve the right to pursue you.
Answered on Apr 23rd, 2013 at 1:07 AM
Richard hirsh
You re correct. Even though this lender is agreeing to release its lien in order to permit you to sell the property, it appears they are reserving their rights to sue you for the remaining balance on the note. Quite possible they would sell that note to a collection company.
Answered on Apr 23rd, 2013 at 12:56 AM