While Ron Artest was busy heaping praise on his psychiatrist, during his post game interview after helping the Lakers beat the Celtics in this years NBA Finals, he should have also been thanking his Realtor. As reported in the Sacramento Bee, Artest recently completed a short sale on his home in Loomis, CA - leaving behind a $450,000 deficiency.
People often ask if a high income prevents a short sale from going through and the answer is no - as is certainly the case here - it simply might mean having to pay back more of the deficiency, if applicable in the state the property is located or based on the mortgage structure.
In Artests case, it appears that none of the deficiency will be need to be paid back, since California is generally a non-deficiency state.
Of course, you might want to thank those of us here in Detroit as well - had your brawl with our fans not lead to your being traded, you might have ended up having to short sell a property in Indiana - which is a deficiency state...
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