Because of the new law that was passed in Ca. July 15th, stating that 1st and 2nd lien holders can not pursue a deficiency, ask for cash at closing, or pursue any promissory notes, Golden One sent my client a new revised approval letter releasing them of any promissory note. We closed the short sale on July 26th and the negotiator called the next day and said they were sending out a new approval letter that did not ask for the promissory note. I asked why to the negotiator, she said that the bank did not want any law suits. What a pleasant surprise for the client.
Has anyone else had this happen? Anyone who had a closing after the law and the client has a promissory note or asked to give cash at close? In Golden One Bank. Of course our commissions were cut to 4% all along.