The only bank I ever received a letter with language like this was from the WaMu charge off department. They are the collection dept. What state are you in? Is the first foreclosing? There is a common misconception in California that the first foreclosing will prevent the second from sending the deficiency owed to them to collections. It appears that the second plans to pursue the deficiency no matter what. You need to send your client to an attorney who will probably tell your client to foreclose and declare bankruptcy. The other option is that your client goes through with the short sale and hopes that Country Wide sell the note to a collection agency who is more willing to negotiate. I hope this letter is an exception and not a new rule.
Does anyone here think I will jeopordize the approval I currently have in place if I now start to play hardball on the deficiency/charge off language? They have showed their hand that they will take "x" dollars and have given us 45 days to get them the payoff and close the deal.
thoughts on this?
Blow me up? I don't quite know what you mean by that.
I am doing and will always do what is best for my clients. It is the reason many of them do business with me. I have a profound respect for them and understand what they are going through.
Does anyone have any specific suggestions on how to go about this situation? That is what I am looking for. I have not had any contact with a negotiator on this file other than via fax. I do not know their name or phone extension.