Comment

Comment by Srikanth on August 31, 2010 at 2:24pm

It is too bad. Mine is the same case. Cash buyer with market value. Everhome says they can't do anything because FHLMC does not approve it. Shame on FHLMC. They are making more homes to go to foreclosure in spite of working with bank diligently to make short sale approved. I am not really sure about FHLMC intentions. I decided to let it go to foreclosure if they are not going to change verbiage. Please let me know if you get any response from FHLMC.

Comment by Laura Marshall on August 31, 2010 at 2:16pm

I am having this same problem with Chase. FHLMC is the investor - market value cash buyer. They will not release the seller regarding deficiency. It is an investment property and in California, there is no deficiency if they foreclose - so the seller will let it go. We are going to try to reach someone at FHLMC, but if we cant get it released, it will go back. It doesn't make sense. The loan I had with Everhome was backed by Wells Fargo. It did not address the deficiency either way,

Comment by Srikanth on August 31, 2010 at 2:13pm

Deficiency would be around 130K. Everhome is saying that the loan is baked by Freddie mac and they are not allowing to add release language. Did you guys deal with Freddie backed loans recently?
Laura, Did you get explicit release from financial obligations in the letter from everhome?

Comment by Laura Marshall on August 31, 2010 at 12:38pm

I LOVE EVERHOME! 20 days from short sale submission to approval. The buyer ran into a glitch - PMI increased so had to redisclose. In California, that added 7 more days - so we couldn't close on time. I emailed my negotiator, and he issued updated approval in 4 minutes!!! We are closing tomorrow. I hope that I get to work with them again....soon!

Comment by Jeff Payne on August 30, 2010 at 4:33am

Srikanth, I just spoke with 2 of the top short sale agents in Arizona and your attorney could be correct. Apparently it has not been challenged in Arizona yet so one side of the fence says yes they can pursue a deficiency in AZ and the other says no they can not. If it were me, I would take my chance with NO they can or will not pursue a deficiency. BTW, how much of a deficiency are we talking about?

Comment by Jeff Payne on August 30, 2010 at 3:59am

What is your alternative if they will not remove the deficiency language? Florida is a deficiency state so I can not comment on Arizona's laws but will check with someone who knows, stay tuned.

Comment by Jeff Payne on August 30, 2010 at 2:50am

Srikanth, listen to these guys! Also, find an attorney who understands real estate law, sounds like yours does not since according ot these guys, Arizona is a non deficiency state.

Comment by Srikanth on August 20, 2010 at 3:04am

In Arizona lender can't go against seller after foreclosure if the loan is purchase money. I have been told that it gets into gray area if it is a short sale.

Comment by Srikanth on August 20, 2010 at 3:02am

I have been advised that anti-deficiency does not apply to short sale directly and statute is only around foreclosure. Are you sure it applies for short sale as well?

Comment by Jim Stewart on August 20, 2010 at 3:01am

My understanding of non-deficiency states is that the lender has to either go after the collateral or the deficiency. Can't do both. Therefore, if they accept a short sale the lender has agreed not to go after the collateral and could then go for the deficiency instead. I may be wrong. I'm in Missouri which is a deficiency state. Banks can and do go after deficiency after either a foreclosure or a short sale.

• ‹ Previous
• 1
• 2
• 3
• 4
• 5
• 6
• Next ›
• Page