I'm a seller at the tail end of our short sale, (i hope) We have approvals from both banks, however with greentree my second they agreed to take %5 of the sale prices, however the approval letter says that they will not be releasing the note, or endorsing it as paid.
Basically this means they can still sue me for the amount right?
Does anyone have any experience with this as to what options I might have to prevent this?
I thought I had read that they would take %30 of the loan to write it off? Currently the difference between the 5% sales price and %30 of the 2nd note is only about $5500.
I was assuming that they would issue a 1099 for the difference and thereby not be allowed to comeback and try to get the money from me, is that correct? Is it possible they would elect not to send the 1099 and then come after me instead?
I appreciate any advice I can get on this as to what my options are and possible outcomes? favorable or not?
Thanks for your time.