Comment

Comment by Greg Bloss on April 21, 2010 at 2:32pm

Not a HELOC

Comment by Julia Huntsman, 562-896-2609 on April 21, 2010 at 4:35am

Was this a re-fi, or a HELOC 2nd? Depending on what state you're in, the loan may not be protected under non-recourse laws and if it's not the primary residence.

Comment by Greg Bloss on April 19, 2010 at 10:38am

wonder if whome the investor is makes any difference or if its a BoA owned loan? I have closed ones with WF, Citi, Chase and all have put language in that says they waive their right for the deficiency.

Comment by Karyl Moore on April 19, 2010 at 10:32am

P. S. I think it depends a bit on your negotiator, too. The first time one of the negotiators told me 'no' I told her that I had just had it waived on another short sale (which was true). She said she'd talk to her supervisor and a few days later she waived it. You might try that.

Comment by Karyl Moore on April 19, 2010 at 10:28am

My recent experience: On an investor owned home, they would not budge. On an owner occupied home, they waived it on the first but not on the second.

Comment by Greg Bloss on April 19, 2010 at 10:02am

Thanks for all your comments. This is what I thought. I too had two clients this weekend decide to accept BoA's letter on their short sales after meeting with an attorney.
Mahalo nui loa!

Comment by Bill Schallmo on April 19, 2010 at 6:33am

If the 2nd was for purchse $ they can try and fight it, but be prepared for a battle...

Comment by Bill Schallmo on April 19, 2010 at 6:32am

Yes and no! All of BofA’s approval letters come from their “massive” legal department. They all say, “We reserve that right to collect the outstanding balance”… And, they will attempt to collect on the 2nd’s. However, even though they all (1st & 2nd’s approval letters) have also included similar verbiage, after 4-years, none of our clients’ have had them go after a 1st for collection…

Hope that helps,
Bill

Comment by David Wiggins on April 18, 2010 at 8:29am

I have two B of A approvals and they will not remove deficiency judgment on either. One is a HELOC and I was not surprised, but the other was a 1st mortgage. Their answer over Equator was their policy was not to waive deficiency. The owner can negotiate with their collection department after close of escrow. Not a good situation and I think the owner is not going to close the short sale and just let it go through foreclosure. Ouch!!!

Comment by David Wiggins on April 18, 2010 at 8:26am

I have to B of A approvals and they will not waive the deficiency on either of them. One is a HELOC and I was not surprised. The other is a 1st mortgage and they flatly refused to waive the deficiency. I don't know what to do this week. They did ad that the owner can negotiate with their collections department after the transaction closes. Not a good sign.

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