Does the Borrower will receive a deficiency judgment or 1099??
I'm a Short Sale specialist, negotiating deals for the past 2.5 years, this question i asked to BOA on behalf of my customer, after several messages, telephone calls, e mails, etc, asking for a Supervisor, a " qualified person of BOA who can answer our question, nobody could answer this easy question. Also, the customer by herself has been calling several times, with same results.
My customer is willing to sign a promissoy note for $16,000 as required to "approve" the short sale, but after closing what is the next situation ? nobody from BOA knows the answer..AMAZING!!!
Replies to This Discussion
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Permalink Reply by P Nicolas Velecico on
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I would think if they sign a promissory note the only way out is BK
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Permalink Reply by Aida Gonzalez on
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Yes, but, why the borrower will help to find a buyer and cooperate with the short sale, ? If he is willing to sign a promissory note, why sdhould receive an additional 1099 form or an additional jugdment for the difference?
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I would think the seller would co op with the shortsale because its better than having a FK on their credit record , I would inform the mortgage company upfront that they will not sign a promisory note for the defficeincy and see what happens , it could be a mute point if they have other debts and are insolvent , since that can also wipe out a 1099 , I would consult an attorney
Aida Gonzalez said:Yes, but, why the borrower will help to find a buyer and cooperate with the short sale, ? If he is willing to sign a promissory note, why sdhould receive an additional 1099 form or an additional jugdment for the difference? -
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Permalink Reply by Enrique Vasquez-Plaza on
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That is a great question.
My answer is : BK is the way out. After considering the credit could be very bad. Consult a CPA or specialized RE attorney (a real one, not a "mod" one...) -
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