Hi everyone,
My Question: In the state of Florida, if the home being shortsaled is the primary residence (homestead), is BAC going to pursue the deficiency or is it prohibited by law? If so, What Law (I'll look it up)? We really don't want to just repeat to our customer what we "heard" was true.
I've heard so many conflicting statements from realtors about the following paragraph in BAC approval letters.
"BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above".
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