Comments on: Has anyone had a short sale refused by the mortgage lender.? http://myloansresources.com/has-anyone-had-a-short-sale-refused-by-the-mortgage-lender/ Give You All Information About Loans. Tips and Tricks. How, Where and When You Can Get The Best Loans. Bookmark This Site To Get The Update Information. Tue, 16 Mar 2010 08:51:37 -0500 http://wordpress.org/?v=2.8 hourly 1 By: My Take on It http://myloansresources.com/has-anyone-had-a-short-sale-refused-by-the-mortgage-lender/comment-page-1/#comment-3131 My Take on It Wed, 11 Nov 2009 12:01:21 +0000 #comment-3131 Yes. The bank in a short sale has the final say on what they will accept and won't. BUT.. if you are in a state that is non recourse (not sure though on investment property...but I know for primary residence) they cannot sue you or get the shortfall. They will send you a 1099 with the shortfall and you have to claim it as income on your taxes. California is a non recourse state if your property is there. Yes.
The bank in a short sale has the final say on what they will accept and won’t.

BUT..
if you are in a state that is non recourse (not sure though on investment property…but I know for primary residence) they cannot sue you or get the shortfall. They will send you a 1099 with the shortfall and you have to claim it as income on your taxes. California is a non recourse state if your property is there.

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