Replies to This Discussion

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on June 14, 2010 at 6:56am

Laura, did you use the reason that it was a nonrecourse loan to have them remove the verbiage?

Permalink Reply by Laura Eklund on June 14, 2010 at 7:04am

I did. The negotiatior I had keep telling me, "this is our standard format for the short sales, because your clients are in California it won't apply to them." I had to go above him and his dept to get this taking care of. My clients seeked legal council and he said the bank "may purse you," DON'T SIGN it unless they remove the verbiage.

SraM said:

Laura, did you use the reason that it was a nonrecourse loan to have them remove the verbiage?

Permalink Reply by Kimberley Kelly on June 15, 2010 at 2:27am

I am an agent in the Coachella Valley..Palm Springs area of CA. I fight with B of A on EVERY single short sale closing regarding their verbage. In past years (4 years ago), they were so stubborn that my Sellers walked after 12 to 14 months negotiating..strictly BECAUSE they would not remove that boiler plate verbage. Typical slow corporate moves hoping to suck in enough Sellers to make it worthwhile.

I do not let my Sellers agree to a Short Sale without that verbage removed. I put it in the List Agreement, I put it in the offers, I put it in the counter offers..Lender releases their right to pursue for deficiency judgement. They still "forget" to do it. Ahhhh!