Merits and Demerits of Purchase Money and Non-purchase Money Loans in Short Sales
Article highlights:
1. Business owners should not trust all information on the web.
2. The anti-deficiency law is a little bit complex.
3. Property sellers who seek short sale should seek legal advice.
4. The terms of most loans are not properly defined.
5. Certain rules remain relevant when it comes to deficiencies.
6. A residential building should not be more than two and a half acres.
7. Purchase money loan is often witnessed in short transactions.
8. Some lenders are looking for ways to go around the anti-deficiency statute.
9. Lenders can lose a case against a borrower if they fail to acknowledge the different parts to their loan.
10. Some lenders insist that borrowers insert new promissory agreement.
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