Boca Raton Debt Collection Attorney.
Your Realtor is WRONG and is dangerously close to the unauthorized practice of law. If you complete the short sale and do not get a waiver of deficiency, then the lender (or a 3rd party buying the claim) can pursue the deficiency. You should consult a lawyer BEFORE you complete the short sale and better understand your rights and options.
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If you are being sued for foreclosure, you definitely should consult a foreclosure defense lawyer. The bank has an attorney, and you should have one too. An attorney can assist with the short sale as well. Please feel free to call my office for a free consultation, or call other lawyers to get info. Please do not try to do this without legal assistance.
I assume that you are named as a defendant because the landlord is being foreclosed upon and the bank is trying to extinguish your rights as a tenant. You have rights vis-a-vis the landlord, and you have certain rights under federal legislation as a tenant. But you cannot be liable under the mortgage and note if you are not a signatory.
Your question is more complicated than the standard foreclosure case. As you have a lawsuit pending against the investment group, builder and developer (I wonder why the title company isn't a defendant as well and you should inquire about that), you should speak with your attorneys about the foreclosure case and the next steps. You may want to have them (or foreclosure defense counsel that may be brought into handle the foreclosure) seek to abate the foreclosure pending resolution of the...
We routinely represent clients in foreclosure cases who are trying to get short sales approved. Please feel free to contact our office for a free consultation. 888-830-0830.
While you may think that the bank is ready to negotiate with you on a loan modification, they are also actively pursuing their remedies in state court, by virtue of the foreclosure proceeding. You need to retain a lawyer and answer the complaint and defend against the default and summary judgment motions. Good luck.