Has anybody closed a short sale with M & I Bank / aka now BMO Harris Bank where they forgave the deficiency amount? I see a comment in the email they sent the client with the financial paperwork forms and doc requirement lists that says this:
"*** P
Read more…It will have taken 9 months to get this one closed and it has been littered with issues all along the way. At the last week before we were finally going to close, into holiday weekend, several extensions later, we see that the second approval letter
Read more…I've been getting many inquiries from homeowners about what they can do if they lost their home to foreclosure and have a junior lienholder pursuing them with a deficiency judgment. I understand a chp 7 or 13 bankruptcy can alleviate this (although s
Read more…We have a Buyer attempting to purchase a new primary residence; a SFR non-FNMA short sale. We also represent the Seller in the transaction.
The Buyer is putting down 80% LTV and has 700+ credit scores. However, our Buyer has a short sale that closed
Read more…I'm posting this both as a warning to carefully read every single line of letters your lender sends (even when you think it is a duplicate copy) and to ask if anyone else has had this happen to them, and if so how it was resolved. Here's my story:
Aft
I got an approval from Chase however it does not address the deficiency with the borrower. The negotiator told me that on the FHA loans that I would need to talk to HUD or FHA to get a document releasing the borrower. I spoke to both HUD and FHA and
Read more…Just curious if anyone's had a NationStar short sale and how the deficiency was handled in the approval letter. Your comments appreciated!
Read more…I have a BOA 1st and 2nd short sale. 2nd released deficiency completely, and the 1st will release with a $10K cash contribution from the Seller. Seller is freaking out and says they don't have $10K but the bank can see they have 2 credit cards with
Read more…I have an approval letter with no language addressing deficiency or right to pursue or not. This is in California - a non-deficiency state.
The only thing the letter says is "This letter will serve as acceptance of a short payoff involving the follo
Read more…Prospective short sale Seller wants to know if Chase has blanke policy about waiving deficiency - any clue how to get that policy?
Read more…Can you tell me about your experiences with short selling investment property? If you have information for California, it would be even better, but any will do. What are the tax rules, etc.?
Read more…I've never done a short sale with AmTrust Bank before. What are they like to deal with? Does AmTrust Bank waive deficiency judgments in their approval letters?
Read more…I had a client ask me how his credit report would differ if the bank accepted a short sale as payment in full or if they went after a deficiency judgement. If they go after a deficiency judgement does the balance just show as a outstanding loan? Has
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