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The divorce is a real hardship. Do they have other assets? I would pursue the short sale deficiency free and without a promissory note. Leave the note section blank on Equator, do not enter a "0" in that category on Equator. Also, you could always try a HAFA short sale which is automatically deficiency free.
Marty
Hi Mary, Here's a link to a copy of the approval letter (Accounts and names of course blacked out) I received on a B of A short sale that just closed. http://hackworthrealtors.com/wp-content/uploads/2010/11/Scan1860.pdf The negotiator had first sent a letter with the deficiency language not removed, but I called her and asked for one without the deficiency language and she sent it right away. I won't close a short sale unless that right is removed, unless the seller is adamant about avoiding foreclosure at all costs and understands the situation. In California a purchase money first is a non-deficiency loan.
MakingHomeAffordable.org says you are supposed to at least start the HAMP mod before being offered a HAFA short sale. You can either not make the trial payments, or make them and then not agree with the mod and be eligible for HAFA, which according to the HAFA page should be approved in 12 days. Unfortunately, on our end I do not see much evidence of lenders following the rules, but what else is new. Sounds like they do meet the qualification for HAFA , though I am not sure how they're going to handle the income situation. Guess you'd have to submit and see. If they're concerned about the deficiency judgement I'd either call the lender and request a HAMP/HAFA package or download it right from Making Home Affordable. I would go this route first. Also, you can have them call to speak with a counselor at the (888) 995 HOPE number to discuss their options.
As far as going after the 401k, I'm not exactly sure what you mean. If your clients have other assets , including money in a 401k, any lender could potentially ask them to contribute some money to achieve approval the short sale, or sign a promissory note. As for getting to it through a deficiency judgement, that'd be a question best answered by a real estate attorney in your area.
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