I've been working on a deal that involves BOA and 5/3. Suppose to close this friday and now the only thing that is holding this up is 5/3 sent over an approval letter that states they would agree to release the lien for a sum of $6,000 but in their language said they reserve the right to collect any debts owed by the seller in the future. BOA finally has accepted the offer but is requesting that 5/3 change the language of their letter to state they will not reserve the right to collect any future debts, basically giving a waiver of deficiency.
5/3 states to me that they don't give letter of deficiencies but they will entertain an offer from the seller for less than the amount owed. Making an offer really isn't an option for this seller as there are no funds. Any suggestions? Has anybody ever received a letter of deficiency from 5/3? It's hard to believe they don't give them.
Regards,
Tevis
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