Banks often choose short sales because they allow the loan to be reset with a new borrower who qualifies for the reduced value of the property. Instead of continuing with an existing borrower who has already struggled to make payments, the lender can move forward with someone who has a stronger financial profile for the lower loan amount.

A short sale occurs when a property is sold for less than the amount owed on the mortgage. This usually happens when the home’s market value drops below the remaining loan balance, forcing the owner to sell at a lower price than the debt.

A HELOC (home equity line of credit) is a loan taken after buying a home that lets the homeowner borrow against equity for expenses like cars, credit card debt, or travel. These loans are generally not protected by anti deficiency statutes.

A deficiency happens after a foreclosure when the sale of the home does not fully cover the remaining mortgage balance. The lender may pursue the homeowner for the difference between what the property sold for and what was still owed on the loan, depending on the laws that apply in the situation. To learn more, please contact San Diego Real Estate Attorneys today -- Go to RealEstateAttorneySanDiego.com or call (800) 233-8521 for a complimentary phone consultation.

Panda Kroll, Esq. Complex Litigation in Federal Courts (805) 551-0773 pkroll@pandakrollesq.com PandaKrollEsq.com Juliet Sussman, Esq. (800) 233-8521 jsussman@sussmanlawfirms.com newportbeachrealestateattorney.com Mark Parrish (816) 471-4511 mparrish@bktplaw.com bktplaw.com ​Timeshare Litigation Group Meeting Join a community of attorneys throughout the nation, all of whom assist unhappy consumers burdened by unconscionable, illegal and/or unfair timeshare contracts. Learn be

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