Can you believe that BOA removed the language that says "BAC... and its investors may pursue a deficiency judgement...????"

It took some yelling! But finally, it got done!

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Comment by Claudine Ellis on April 11, 2010 at 12:58pm
I didnt write a letter. I asked in an email to my negotiator. I reminded them of the Bail out and told them they were crooks and highway robbers. Banksters. How can you charge me a deficiency when they have MI or PMI on a loan. That is insurance. I called daily and really kept pounding them. I stayed on the phone with her until she changed it. At first they needed Fannie Mae's approval in addition to BOA. But nasty is the only way BOA will respond. YOu cant be Nice guy. I will look in my old emails and see if I find what I said, but if I remember I sent an email for the negotiator to call me ASAP and when she called, I blasted her out with my sob story.
Comment by steve Letterman on April 11, 2010 at 12:47pm
Did you just keep escalating it until it got done? What did you say to convince them to change it?
Comment by RICHARD on April 8, 2010 at 12:26pm
Hi Mrs. Ellis, i am involved with a short sale with BOA, and they have already said once they will not remove this language either, can you please share what language to use with them to get them to agree to NOT pursue a deficiency, please help, we have a tentative closing for next week, but just getting the letter from my loss mitgation today. Thank you.
Comment by Dean Ouellette on March 24, 2010 at 10:48am
Neil, depends on the bank, BoA will NOT do that, some banks will
Comment by Claudine Ellis on March 24, 2010 at 8:55am
They take the language out altogether!
Comment by Neil L. on March 24, 2010 at 8:05am
has anyone had luck getting it changed from "may pursue" to "will not" rather than the line removed completely?
Comment by Claudine Ellis on March 23, 2010 at 9:08am
Thank God I dont represent buyers and sellers. I work for a builder only. And after this, I will NEVER even touch a short sale. Then again, with all I have done, I am the expert of "nasty" now! lol
Comment by Dean Ouellette on March 22, 2010 at 11:03pm
I have a real estate attorney I am working with in az and we ARE an anti-deficiency state. He has still had to defend a few when the banks went after them claiming the anti-deficiency does not apply to short sales.

Just think of this and you may already be doing it. DO NOT EVER tell a client they have nothing to worry about. Because all it takes is that one time for the bank to go after someone and you told them they were ok for them to come after you.

I will not accept a short sale listing if the seller is not willing to talk to an attorney first and I will not allow it to close on for my seller until a lawyer reviews the letter. I can promise you if that one does come after one of my clients it will never be me that caused them to be in that situation and it will never be me the seller comes after.
Comment by Claudine Ellis on March 22, 2010 at 9:09pm
I cant be careful. I cant win against a bank. I am just prepared for the challenge. I am in a deficiency state. I have not heard of anyone having to pay, but you never know with the banks. I am not worried. I expect anything from BOA. It has been stressful thus far, who know what is yet to come with these horrible folks at BOA. It is what it is. Why, do you know anyone who had to pay it after received a letter saying they wouldnt pursue? Do share. Nothing surprises me. But interested to know if you know of anyone.
Comment by Dean Ouellette on March 22, 2010 at 8:48pm
Be careful Claudine... remember there is a difference between they taking out the language and them putting in language that says they will not pursue deficiency. They removing the language means they still hold whatever rights are on the books in your state, and that is state specific


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