My husband and I are trying to buy a short sale. Everything was in order, except by time everything was ready to close, the lean release on the 2nd mortgage from bank of America had a date that had expired…we only need that same paper with a different date to close, but no one can get a hold of them. Our mortgage will expire after friday, so we are really desperate to get this letter!

I’ve got tons of friends looking for a short sale and always tell them that these properties are not always the best deals, so buy cautiously. Besides the Multiple Listing Service listings with “Bank Approved” or “Bank Approval Required”, where can a person find a short sale property?

If someone forecloses there homes or short sales there home, will they or can they be responsible for the negative equity or the negative loss the banks took on the home? What if there was a second mortgage, will they be responsible for the extra dollars or does the bank lose out completely and have no recourse to collect money as the asset was reposessed?