Is it advisable to wait and see if a lender will pursue on a deficiency or should I just BK?
I just completed a short sale on a 80/20 loan. Both lenders did not subject me to signing a promisory note, but their agreement letters in my closing documents make reference to holding me liable to the deficiency. I am unemployed and I live in Oregon to which is an anti- deficiency state. Each bank won't tell me if I'm to expect a 1099C. I'm in limbo now and don't know if I should proceed with a BK or wait and see if they pursue me through collections. The longer I wait the longer I put off getting a BK behind me if that ends up being the case. My credit report shows a charge off on the 2nd.
I know this was asked a while ago, but I can say that if it's possible for a lender to pursue a deficiency, they will. Even in a non-deficiency state, if you signed papers which state they can pursue a deficiency then they most likely can, though since it's already charged off you might not know about it until they file a judgment against you to levy your bank accounts and/or garnish your wages should you become employed. It sounds like you have tried to get into contact with the bank, but I'd still try to find someone that you can ask flat-out what you owe. If they've already sold it to a debt collector, then it may be a matter of finding out who actually holds the note before you can find anything out.
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