lien on new house after foreclosure on old

[Administrator]

Supposedly the short sale from the way I understand will pay the primary 1st 67K then whats left will go to Citi. (Total amount owed is 105.000K) 26,000K short(CITI FI) of paying off both. The short sale of the house will be for 79,000. However our agent is trying to buy 3 months more time to try to sell for more. Home is appraised @ 137,000 but probably really worth 110,000 maybe!!!. If that don't work we may possibly seek bankruptcy and try to have citi financial discharged for what is left owing to them. The bank (primary) will be satisfied. Are we possibly better asking the bank for a deed in lieu of foreclosure. The bank has been a little flexible with us because we have paid so much extra on the principal and dropped our mortgage from a 30 yr. to a 12yr mortgage with a perfect payement history. After illnessess we still have accumulated more significant debt and owner financing is our only hope of ever owning a home again after working so hard for so long, and we would hate to have a lien put on our new home if possible. Can I ask what a dificiency judgement is? Thanks much.


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(Source: mortgagefit.com)