If you are thinking of a short sale you should understand the type of loan that you have and get familiar with the following terms.
Recourse loans- Lenders are allowed to go after you for the balance that you owe , even if they have have taken your home.
Non-recourse loans- lenders can not pursue you for additional funds due. If they foreclose on your home , lenders can not seek futher legal actions against you.
Deficiency Judgment– a court order that makes you liable for an unpaid debt.
Judicial foreclosure– a court action, a complaint is filed and a judge supervices the process.
Right of Redemption– requires you to pay the full outstanding loan, incl interest and other charges.
Lis pendens- a legal notice that a lawsuit has been filed concerning title to a specific property
When you are ready to buy or sell real estate in Brooklyn feel free to contact me at 917-861-9166.
Fillmore Real Estate
Licensed Real Estate