I have been working on a short sale for a couple of months and of course from the beginning we've asked Bank of America for a full waiver of the deficiency for the sellers. They kept saying no even when we offered cash at closing from the seller. We got the approval that left the verbiage in and asked again for it to be changed; no luck.
Well today I asked again and the short sale closer sent one back within minutes - full waiver of any future deficiency and NO additional monies or prom notes ~ I'm just so thrilled for my sellers!
So moral of the story; don't stop asking!
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Thanks Lillie,
This was the first time I wasn't able to get them to agree to a full waiver of the deficiency (usually have to offer at least $500 or $1,000 cash at closing to get it) but this time they were claiming it was 'against their investor guidelines'. So glad to finally get it worked out :) And congrats on yours last summer!
Hi Susan~
Who was the investor by the way? Just so we all know for future reference.
Susan Milner, SFR, CDPE, GRI said:
Thanks Lillie,
This was the first time I wasn't able to get them to agree to a full waiver of the deficiency (usually have to offer at least $500 or $1,000 cash at closing to get it) but this time they were claiming it was 'against their investor guidelines'. So glad to finally get it worked out :) And congrats on yours last summer!
Have you tried looking the loans up on MERS? Try looking them up at the site below. It should tell you who the investor is.
https://www.mers-servicerid.org/sis/search
Susan Milner, SFR, CDPE, GRI said:
Good question Shannon. They never told me. I just double checked if it was FNMA or Freddie Mac but it is neither of those....
Hi Susan~
Who was the investor by the way? Just so we all know for future reference.
Susan Milner, SFR, CDPE, GRI said:Thanks Lillie,
This was the first time I wasn't able to get them to agree to a full waiver of the deficiency (usually have to offer at least $500 or $1,000 cash at closing to get it) but this time they were claiming it was 'against their investor guidelines'. So glad to finally get it worked out :) And congrats on yours last summer!
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