Replies to This Discussion

Permalink Reply by Jeff Payne on June 9, 2010 at 7:29am

I have had them remove the verbage of a deficiency but depending on the state, he may still be liable for it.

Permalink Reply by Ben Butler on June 9, 2010 at 7:31am

Virginia - thoughts?

Jeff Payne said:

I have had them remove the verbage of a deficiency but depending on the state, he may still be liable for it.

Permalink Reply by Tiffany Cloud on June 9, 2010 at 7:31am

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.

Permalink Reply by Ben Butler on June 9, 2010 at 7:32am

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.

Permalink Reply by Tiffany Cloud on June 9, 2010 at 7:38am

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:

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.

Permalink Reply by Phil on June 9, 2010 at 8:06am

What is the excat verbiage that says, BOA can pursue actions later? where do you see them in the contact?
Why the seller backout on the closing date? They have all the time to back out before dragging this ino the closing day....

Tiffany Cloud said:

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:

Permalink Reply by Laurie Clark on June 9, 2010 at 10:15am

What state is it in? If they agree to a promissory note then that should satisfy the terms along with the short sale. They won't ask him to pay 5 or 25k and then sue for the rest. You just have to negotiate. Is this the same deal you have been waiting of the final HUD form BofA?