What happends after a short-sale?

Question

What happends after a short-sale?

Answer 1

I short-saled a house once.  In my case I sold the house for more than the mortgage company would have gotten after foreclosure/auction but not for as much as I owed.  The mortgage company did not try to collect on that remaining balance although it was on my credit for awhile.

If you are lucky you will get the same treatment.  The lender can also seek payment for the remaining balance including all the things we all love like harassing calls and letters, law suits, judgements and my personal favoriate...WAGE GARNISHMENTS!!!