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Waiver of Deficiency

In a short sale, you sell the house for less than you owe on the mortgage. The difference between what you owe on the mortgage and the sale proceeds is called the deficiency. When carrying out a short sale, it is extremely important to obtain a waiver of deficiency from the mortgage lender. Sadly, many people who complete a short sale without experienced legal representation, find more stress and confusion after theshort sale not realizing that a waiver of deficiency was a crucial aspect of such a sale. In a short sale, unless a release of the promissory note is obtained, the bank can later sue the borrower for the remaining shortfall, sometimes amounting to hundreds of thousands of dollars. Other documents, such as lien releases, do not qualify as a waiver of deficiency. Our firm regularly pursues a waiver of deficiency in each short sale negotiation. This is just one of the reasons why it is so important to have a skilled and qualified attorney at your side when considering a short sale.

If the bank files a lawsuit against the borrower for the remaining balance of the promissory note, the borrower could be facing a huge debt, as well as potential tax problems. In some cases, the debt will be sold to a collection agency and the borrower will have to deal with endless and ongoing problems regarding the debt. Our firm is interested in bringing your real estate problem to a final resolution that allows you to move forward with your life and results in the least damage and the most hope for the future. Our firm endeavors to protect our clients thoroughly from all possible harm during short sale and all other types offoreclosure defense.

Contact a Sarasota foreclosure defense attorney today so that you can find out more about a waiver of deficiency.

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  • “Sherry Edwards was instrumental in causing our unfortunate financial problems regarding our primary residence to be mitigated in a successful manner with our bank.”

  • “Mike was a very skillful negotiator with an extremely uncooperative lender.”


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  1. Sheryl A. Edwards is a Board Certified Specialist in Real Estate Law
  2. Over 23 Years of Experience
  3. Selected for Super Lawyers 6 Times
  4. Achieve Client Objectives in a Timely Manner
  5. Personalized Attention & Case Strategy
  6. Your Goals Always Come First
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