B of A Deficiency Judgment Statement

I received an approval letter from B of A after 8 months waiting.  In the letter it states "bank and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise".

 

The homeowners want this statement taken out of the approval letter. I have emailed and left messages for the negotiator but so far no response.

 

I am asking if anyone has had success in having this statement removed from the approval letter.   What are the chances the bank will pursue to collect on the deficiency. 

 

Any information is much appreciated!  It's been a long and slow process on this one.  Now the homeowners are not wanting to move forward with the short sale based on this statement.  Pls. help.     

 

 

Views: 70

Replies to This Discussion

Permalink Reply by Katerina Gasset on March 4, 2010 at 4:31am
Yep, that is a typical BofA letter. The negotiator has no authority to remove that language. It is a standard letter. The clause is determined by the investor on the note so you need to know who owns the note. Actually you should never ever take a short sale listing without knowing who the investors are. This is crucial to negotiations. If it is Fannie or Freddie you can use your congress people to get that removed most likely- it depends on the extent of the hardship. What you have to show is how this is going to ruin these people's lives.
Permalink Reply by Diane and Doug Briggs on March 4, 2010 at 4:36am
Katrina, thank you for your response. It is Fannie Mae. I will contact Fannie Mae and/or congress people.

Thanks again!

Katerina Gasset said:
Yep, that is a typical BofA letter. The negotiator has no authority to remove that language. It is a standard letter. The clause is determined by the investor on the note so you need to know who owns the note. Actually you should never ever take a short sale listing without knowing who the investors are. This is crucial to negotiations. If it is Fannie or Freddie you can use your congress people to get that removed most likely- it depends on the extent of the hardship. What you have to show is how this is going to ruin these people's lives.
Permalink Reply by Gail Oleaga on March 4, 2010 at 4:46am
I would think if you are in a anti deficency state that they won't be able to do this legally and your Buyer has nothing to worry about. It only says MAY it does not say they will or they can.

Hope this helps!

Gail
Permalink Reply by Elaine Kan on March 4, 2010 at 9:21am
I have a B of A with that language removed but a $40,000 prom note is also in the approval. Still trying to negotiate on the prom note.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************