I have had them remove the verbage of a deficiency but depending on the state, he may still be liable for it.
I have another friend working on that same issue right now. He got them to remove the clause that says they can pursue it later, (1/2 way there) but they still don't want to put in the language that specifically prohibits them from doing so, as most lenders will do.
How long did it take you to get BoA to agree to that? I am supposed to close in 1/2 hour. This guy backed out last minute.
Tiffany Cloud said:I have another friend working on that same issue right now. He got them to remove the clause that says they can pursue it later, (1/2 way there) but they still don't want to put in the language that specifically prohibits them from doing so, as most lenders will do.
About 2 weeks to get the clause removed, and he is still working on it to get an additional clause put in that removes him from further liability. He is protected if he forecloses because we are in AZ and a non-recourse state for Foreclosures - so he is holding fast to that and just telling them he will allow them to foreclose before he will take the risk of them coming after him later.
Ben Butler said:
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