I got a call from the negotiator yesterday informing me that if the seller is willing to pay $1500 to the mortgage insurance company, the short sale would be approved. The sellers are willing to do this as long as AHMSI waives their deficiency rights and the original promissory note is deemed satisfied in full. In emails back and forth with the negotiator, she agreed to the following:
Me: "Please confirm the following: If the sellers pay the $1500, they will be released from their obligation under the original promissory note AND there will be no deficiency."
Negotiator: "That's correct."
When I received the approval letter, it did not state any of those things. It only says "AHMSI will prepare and submit for recording through its normal channels a release of the mortgage or deed of trust that secures the loan." The sellers' attorney is not comfortable with this.
When I asked the negotiator to change the approval letter, this was her response:
"The short sale approval letter has been approved by our legal department. The short sale approval letter will not and can not be changed. If the borrowers do not wish to continue with the short sale I will close the file and proceed with foreclosure."
I contacted customer service and asked to speak with the team leader but cust. svc. couldn't give me their contact info. They sent a message in the system and I'm supposed to wait to hear from them. We have a foreclosure date of April 26! I'm not comfortable waiting.
Has anyone had success getting the approval letter changed or getting AHMSI to waive their deficiency rights?
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I am a seller in san leandro ca, AHMSI sent me the letter of approval with same wordings and in an email they stated that right now they are not seeking the deficiency balance. Also, they are not waiving our rights to collect the balance.
were you able to get something from wells fargo?
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