I received an approval letter from B of A after 8 months waiting. In the letter it states "bank and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise".
The homeowners want this statement taken out of the approval letter. I have emailed and left messages for the negotiator but so far no response.
I am asking if anyone has had success in having this statement removed from the approval letter. What are the chances the bank will pursue to collect on the deficiency.
Any information is much appreciated! It's been a long and slow process on this one. Now the homeowners are not wanting to move forward with the short sale based on this statement. Pls. help.
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Yep, that is a typical BofA letter. The negotiator has no authority to remove that language. It is a standard letter. The clause is determined by the investor on the note so you need to know who owns the note. Actually you should never ever take a short sale listing without knowing who the investors are. This is crucial to negotiations. If it is Fannie or Freddie you can use your congress people to get that removed most likely- it depends on the extent of the hardship. What you have to show is how this is going to ruin these people's lives.
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