Would I be liable for the seller’s loans if I purchase a short sale or foreclosure home?
Jan 01, 2009 in
Financial and Loan Tips
Everyone
Would I be liable for the seller’s loans if I purchase a short sale or foreclosure home even if I have go through a title company?
Would I be liable for the seller’s loans if I purchase a short sale or foreclosure home even if I have go through a title company?
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One comment
Christopher B on January 2, 2009 at 6:59 am
No. The seller will be liable for any difference that is not paid by the purchase of the home.
As the buyer, the only thing you are liable for is the purchase of the property. If the purchase goes through, that means the lender “forgave” a certain amount of the debt. You will receive a clear title from the sale.