If you personally guaranteed the note than the lender can choose to attempt to collect a deficiency based on the foreclosure laws of the state where the property is located and or the language in the note or mortgage.

Working with BOA on a Short Sale and have several others just getting off the ground...My question is...What is the likelyhood and legalities in Iowa in reference to Deficiency Judgements?

My believe is its when the bank believes they may collect something from a deficiency.

We weren't sure if we should submit such a low-ball offer.All we care about is getting out from under the mortgage and moving on, ideally with no danger of being sued for the deficiency.

Adding to that now, is being technically proficient with computers and internet stuff (LOL) where I'm deficient!

I think that is always recommended and it is something I do.My inspector has uncovered things they werent aware of and has also alerted me to issues to monitor to make sure they are rehabbed properly (for instance ensuring that the electrical scope included adding additional circuits because the current number was deficient).

Such as the main bath and any areas where there are known deficiencies but depth of problem is unknown.

We have the same criteria (slightly different names) and can select by:Home market value, Purchase date, single family, high equity (Loan to Value), number bedrooms, home size (Sq Ft), owner age and more.Some areas might not report every piece of information, but we often have ways to get around some of the deficiencies.  866-446-2055 ext 4.

Hard money (as defined by CC and other codes) may allow releasing the collateral and getting an AJ for a deficiency.

During that process, I also collect other necessary information from the tenant, such as vehicle registration & description, emergency contact, telecommunication contact details (voice phone, text phone, email), options for paying rent (direct deposit, auto pay, mail), ways to contact us (voice phone, text phone, email).While the unit is vacant, prior to turning over possession of the unit to the tenant, I fill out the Property Condition Report, noting any deficiencies known to me.