Would anyone be so gracious as to share their deficiency release request letter that they use with the lenders? I would be ever so appreciative.. 

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Hi Pat. I usually ask for the waiver of deficiency through out the entire process. Starting with my short sale submission letter which I have attached for you. I hope this helps.
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You are the best.. Thank you Bryant.. So it's that simple? Just one line requesting a waiver of deficiency? I was expecting a detailed and complicated attorneys letter... lol

Bryant Tutas said:
Hi Pat. I usually ask for the waiver of deficiency through out the entire process. Starting with my short sale submission letter which I have attached for you. I hope this helps.

Hi Pat. The investors have guidelines that they go by to decide whether or not they will waive a deficiency. But you do have to ask. So keep asking. They may want the seller to participate in the loss (cash contribution and/or promissory note) before they will agree to a waiver of deficiency. Or they may not agree to waive it all.

 

The reality is....why should they? What's the benefit to the lender to waive the deficiency? In Florida they can just foreclose and go after the borrower for judgment.

 

It's  a lot easier to achieve a waiver if  it's the borrowers primary residence and they have a true hardship. Maybe they qualify for HAFA.

 

The best way for a borrower to avoid a deficiency is to just make their mortgage payments.

 

Prepare your sellers at time of listing that a waiver of deficiency may not be achievable.  And of course they can always hire an attorney to help sort this out.


Pat Glenn said:

You are the best.. Thank you Bryant.. So it's that simple? Just one line requesting a waiver of deficiency? I was expecting a detailed and complicated attorneys letter... lol

Bryant Tutas said:
Hi Pat. I usually ask for the waiver of deficiency through out the entire process. Starting with my short sale submission letter which I have attached for you. I hope this helps.

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