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TCF BANK PURSUIT OF DEBT ON A SECOND

Posted by Mary Lou Burton on September 1, 2010 at 3:05am in Short Sale Discussions
Looking for anyone who has had experience or knowledge of TCF Bank pursuing the deficiency after the short sale closed on a second. TCF has given my client two options, close with the pursuit in place, signing their document or paying off the loan. 

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Replies

  • 3n9fnvka38y7n December 7, 2010 at 8:17am
    Yikes! I'll need all the luck I can get, I think!
  • Mary Lou Burton December 7, 2010 at 2:00am
    the seller did not like the settlement tcf offered, which was about 60% of the total outstanding debt so they would not agree to the short sale. tcf is suing them. the seller has an attorney who has now advised them to get the buyer back and negotiate with tcf.......not sure where that attorney is coming from, since the seller knows the first is now going to foreclose.............attorneys....????? And, since the seller did not agree to the terms the buyer walked, after 5 months..... and I have been asked to prepare the package all over again... in the mean time, the seller avoids my questions when asked about the attorney and his role in the process. I have compassion for the seller, who is now very scared, but, after they said to me "no one helped us".......after all the hours and work I put into this, I have to admit I was stunned. They felt going into this that they would be totally forgiven of all the debt, even thought I ask all my clients to read documents I have prepared for them to read and sign, explaining that there can be tax and legal issues as a result of the short sale. Not surprising they did not want to read them, but, were willing to sign them, so I left the room for 20 minutes and said we will discuss them after you have had a chance to read them, I will do my best to answer your questions. My docs also say in big bold letter, large type....you are advised to consult an attorney and a cpa prior to offering your home for sale by short sale. Wish you the best.....Emmy is smart but tough


    Best of luck to you, wish I had more positive encouragement.
  • 3n9fnvka38y7n December 6, 2010 at 10:10am
    Did you ever get this resolved? Just curious as I'm dealing with them now.
  • Mary Lou Burton September 5, 2010 at 6:23am
    NO Michigan .......a mortgage company can "reserve the right to pursue"
  • Loren Hoboy September 5, 2010 at 4:23am
    Does your state have an anti-deficiency like Arizona and a couple of others?
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