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from Local Attorney, Michael H. Wasserman

Wednesday, February 3, 2010

You lost your house - but you still have to pay

This morning, CNNMoney.com reports on an ugly phenomenon - the fact that many mortgage lenders are chasing borrowers for "deficiencies", the difference between what is owed and what is recouped whether by "short sale" or foreclosure or a deed in lieu of foreclosure.

You lost your house - but you still have to pay

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Notes, Mortgages, and Deeds are all legal documents. Short sales and Foreclosures are transactions that significant legal consequences. The cases described in this report all seem to have involved borrowers who entered into these arrangments with their mortgage lenders without legal counsel.

Good Lawyering can help distressed homeowners avoid these sorts of deficiency judgments. I have helped clients avoid these and other pitfalls as they try to extract themselves from distress situations.

Please let me know if I can help you (or anyone you know) too.