Every homeowner I help with a short sale always asks me about a deficiency judgement. It can be scary to think about if you don't know all of the facts. If you're listing your house as a short sale the last thing you need to worry about is another bill.

So what is a deficiency judgement?

A deficiency judgement is the difference between what you owe on a mortgage and what the bank is able to "net" from the short sale. For example let's say you owe $100,000 on your house. The bank agrees to do a short sale and after all the commissions and fees are paid they end up with $60,000. The bank can pursue a deficiency judgement for $40,000. Most short sale experts can get the amount reduced or even forgiven completely. There are also a few exceptions to the rule.

If you need more information on short sales or need to list your home for sale visit my Naples Florida Short Sales website and drop me a line. I'll be happy to answer your questions or put you in touch with a short sale expert in your area. You can also contact me using the form below.

Your Naples Florida Short Sales Expert,

Benjamin Sovacool

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 Tags: naples florida short sales, Naples Florida Short Sales expert, deficiency judgement, benjamin sovacool

Article's Author

Benjamin Sovacool
Taylor Donovan Realty, Inc.
Naples, FL

Contact Benjamin Sovacool