I am selling a house to a client here in NC. As soon as they close, they intend to attempt a short sale on a lot they own in Florida that they bought with a BOA mortgage.
They can't afford the new house payment and the lot payment. They owe approx. $200K (paid $55K down) and similar lots nearby are selling for $75-80K on short sales.
The question is: If they find a buyer, and a discounted price is accepted by BOA, will they be subject to a deficiency judgement once the propety is sold at the discounted price?
Thanks for your help. Doc