Seller Held For Defiency

I am the listing agent and have recently received an short sale approval letter from Bank of America stating the seller could be responsible for the defiency. Is there anything that can be done regarding them reversing this where the seller is not held responsible?

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Replies to This Discussion

Permalink Reply by Tara Polley on June 20, 2011 at 3:38am
What state are you in? It's been my experience that Bank of America almost always adds that verbage in their approval, even if they don't have a legal right to pursue a deficiency judgement. I've been able to go back to the negotiator and point out they are not entitled to a deficiency, and have them issue a new letter.
Permalink Reply by Gwendolyn Harvey on June 20, 2011 at 3:50am
Thank for your response. I am in Georgia.
Permalink Reply by DoesntMatter on June 23, 2011 at 3:37pm
Gwen, one way to ensure no deficiency will be pursued is to pursue a proactive SS (HAFA,  B of A CoOp, Fannie Mae CoOp) or, you must strictly negotiate this up front with the specialist. Also, last year, B of A sent out TONS of 1099C's, even though the verbage on the traditional SS approval letter states there is a possibility of a deficiency being pursued.

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