In order to seek a deficiency the note holder needs to make an attempt to collect the full amount due.

While pointing out deficiences will usually get other sellers to take notice, these sellers are immune to claims arisding out of such matters, so it has to be known to all to make a difference to them, IMO.

Remember Florida has no anti-deficiency laws and whatever the lender looses they can pursue them in court.

Ya gotta remember I'm technologically deficient (LOL), lucky I found it throgh my history files!

With the foreclosure, they will go after you on a deficiency judgment.

We did short sales showing an "imminent danger of default", we did not have a deficiency, and the clients credit score dropped from a high 800 to a low 700.

Unlike a cash advance loan, a note funded with equity under an installment sale will not provide the seller to seek any deficiency as the return of the property simply terminates the installment sale.A cash loan on the other hand will allow the lender to obtain the collateral, dispose of it to set off the amounts owed and in the sale proceeds are insufficent to set off the obligation, or pay it in full,the lender then has the right to seek a judgment against the borrower to be paid the remaining amounts due.

Yes, your mom paid for six years, but she gets to walk away without any hit on her credit or any deficiency judgment.Someone owns it.

Making it as a commercial loan transaction under a BL could change this aspect under your state laws, so any deficiencies are simply added to other amounts owing and deficiencies may be sought.Don't let the number of properties cloud the issue or complicate the overall scheme of the objective and options available down the road.

Makes a big difference on your credit and on being responsible for any amounts remaining due on the note that is not paid (deficiency amounts).First talk to a Realtor who does short sales, won't cost you anything to talk to them.