The new eligibility requirement for BOAs FHA short sale involves a Deficit Income Test; where you subtract monthly expenses from net monthly income. I’m assuming that a negative result of the DIT…Continue
I just had Chase decline a short sale of mine citing one of the reasons being that the borrower was not currently behind on payments. My question is; moving forward with a deed-in-lieu, wouldn't this…Continue
I'm negotiating a settlement with a 2nd lender (PNC Bank) and their offer entails the seller giving up $10K at closing, PNC will charge off the balance on the loan, they will issue a 1009 A on the balance, and they have made it clear they intend to pursue the seller for a payment plan after the closing.
My Question is how can they charge off the remaining balance, sent us a 1099 and then come after us for more money? Can that even be legal?