Comments on: Las Vegas Foreclosures http://housinglotonline.com/las-vegas-foreclosures/ Foreclosure Process, Short Sales and Mortgage News Resource Sun, 24 May 2009 16:54:22 +0000 hourly 1 By: David Kellyhttp://housinglotonline.com/las-vegas-foreclosures/comment-page-1/#comment-238 David Kelly Tue, 26 Aug 2008 15:16:15 +0000 http://housinglotonline.com/?p=301#comment-238 Minnesota is a state where upon foreclosure of a first mortgage, that lender is usually blocked from pursuing the borrower for a deficiency. However, a short sale usually leaves the borrower open to a lawsuit for the deficiency. This makes a short sale a bad choice unless there is some way to get a release of personal liability from the lender. So far I have not found a lender willing to give such a release. I would be very interested to hear from you as to whether you have been doing short sales in Minnesota, and whether you have been able to get releases from liability from the lenders. Minnesota is a state where upon foreclosure of a first mortgage, that lender is usually blocked from pursuing the borrower for a deficiency. However, a short sale usually leaves the borrower open to a lawsuit for the deficiency. This makes a short sale a bad choice unless there is some way to get a release of personal liability from the lender. So far I have not found a lender willing to give such a release.

I would be very interested to hear from you as to whether you have been doing short sales in Minnesota, and whether you have been able to get releases from liability from the lenders.

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