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If you do not want to save your home or if you have a property that is rental or investment property, and you want to get rid of that property without facing a deficiency, we can help.
As you know, when the bank repossess your home or your property, the bank can sell the property in public auction. Whatever the price the bank receives as consideration for the property, will reduce the amount you owed (the amount you promised to pay in the original promissory note). The difference between what you originally owe and the price the house is sold at auction is known as deficiency, which is an amount that the bank can still pursue against you.
In order to prevent the bank from pursuing a deficiency against you, we can effect a short sale and negotiate a waiver of that deficiency.
If the short sale does not work because there are no potential buyers, then the next step will be to negotiate a deed in lieu of foreclosure, which means that you return your deed to the bank and the bank takes your property and waives the deficiency as well.
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