Florida Specific Advice needed QUICK- BankofAmerica Approval Letter

Hi everyone,

My Question: In the state of Florida, if the home being shortsaled is the primary residence (homestead), is BAC going to pursue the deficiency or is it prohibited by law? If so, What Law (I'll look it up)? We really don't want to just repeat to our customer what we "heard" was true.

I've heard so many conflicting statements from realtors about the following paragraph in BAC approval letters.

"BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above".

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Replies to This Discussion

Permalink Reply by Katerina Gasset on April 23, 2010 at 4:37am

The state of Florida is a deficiency state. The bank has the right to seek deficiency and sometimes they claim they have that right even if they do not add the right to the acceptance letters.

Permalink Reply by Nancy Bercini on April 23, 2010 at 6:56am

Thanks Katerina. What you told us is what we were thinking, but so many people say different things. Even attorneys on the radio..... We're just going to advise him to have his attorney look at it.

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