Legal Question in Real Estate Law in New York
Real estate short sale
I recently sold my house as a short
sale. A debt collection agency, on
behalf of the mortgaging bank, sent
me a letter to collect the difference
between the amount it sold for and
what I owed. When the bank
accepts a short sale aren't they
agreeing to take the loss?
Asked on 10/26/07, 4:24 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: Real estate short sale
Generally, yes. However, there should have been a writing concerning the terms and conditions of the short sale. The writing between the parties controls. If there was no writing, and no additional consideration for the short sale, the bank may look to collect the difference.
Mike.
Answered on 10/26/07, 4:29 pm
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