Most Las Vegas short sale experts strive for full debt forgiveness when working on a short sale for their distressed homeowner and why wouldn’t they? By obtaining full debt forgiveness from the mortgage company, the homeowner is avoiding the possibility of the lender coming after them in the future for the amount that was forgiven in their short sale.

It is possible, when doing a short sale, that the mortgage company would not agree to waive all of their deficiency rights. This means that, should they choose to in the future, they could sue the borrower for the forgiven amount. This is one of the main reasons why you want to ensure that you are working with a legitimate short sale expert because the success of your short sale lies not only in getting the bank to approve your short sale, but also in getting all deficiency rights waived.

This is why the approval letter you receive from your lender at the end of the negotiation process is so crucial; it tells you what rights the lender does and does not have in the future in regards to attempting to regain the money they lost on your home. If you were to lose your home to foreclosure, the possibility is always there that the lender can sue you for the money they lost on your mortgage. However, when you short sale your home and work with a short sale expert that is willing to negotiate with the lender until all deficiency rights are fully waived, you have peace of mind for the future that your past financial troubles won’t ever come back to haunt you.

When you receive your approval letter before closing on your short sale, be sure that you understand everything that is outlined in it, especially what rights your mortgage company has in the future. If you don’t understand the terms of your short sale, ask a short sale expert before you go to the closing table. Getting your full deficiency rights waived could make all the difference in your financial future, so be aware of what is stated in your approval letter.