Short sale recourse montana? (loan, escrow, non-recourse, approval)

[leggen]

Hi,
We closed on our house with a short sale a few months ago(in Montana, no-recourse state I thought).
We did not sign any new promissory note.
It basicly says in the approval "this letter will serve as our approval/demand statement to accept a short payoff on the above mentioned loan and property...."
Also that any money in escrow will go to the bank.
It does not say much else.
How can we know that they could still come after us for the money short?

Or would they not be able to do that because of the no-recourse law in Montana?
Any info would be greatly appreciated!!!

[AlfredB1979]

If I am reading this correctly, you are supposedly safe in Montana if this matter was settled out of court.

http://www.loansafe.org/forum/forecl...se-states.html

You can research further--really, you ought to. Be aware that you will owe taxes for this.

I see this article here and wonder what people are (not) thinking, too:

http://finance.yahoo.com/news/Mortgage-lenders-pursue-cnnm-3107909798.html?x=0 (broken link)