First you should cross out your seller's personal loan number and name when putting their information on the internet for all to read.
Second, I have had several BOA shortsales where the sellers have just chosen to go to do the big B. It is somewhat upsetting as they received money from the federal government (us) and they choose to make life so difficult when people are at their lowest point. I wish you and your sellers the best but I haven't had any luck with them.
I can tell you that I am the buyer of a short sale that was approved but the approval letter has the same language as yours and our sellers won't accept.
They went back to BofA to see if they will waive the deficiency on November 26 and we are still waiting for an answer.
I am keeping my fingers crossed that they will waive it so we can close, but you never know with BofA. Sometimes they want money to waive it and my sellers do not have any money to give them. So we wait.....
My sellers' letter gives them two options: (1) BofA will accept the short sale on the HELOC as presented with the current offer HUD-1, in which the 1st lien is paid off in full, and $182K is accepted by BofA as "payment towards the above referenced debt." It further states that "the bank will release the lien and charge off the remaining debt as a COLLECTABLE balance. Our recovery department will contact you to make arrangements on this balance."
Option (2) is basically bring another $70K to the closing table and "the bank will release the lien and charge off the remaining debt as an UNCOLLECTABLE balance. Any deficiency balance will be waived and the appropriate 1099 form will be sent."
I should mention that the property appraised at only $25K more than the offer we presented, which was the highest and best received after several months of marketing. Yet BofA is seeking $70K more in certified funds. We'll never get that from any buyer in this market, and if the sellers had it, they would not be in hardship in the first place!
Any advice?
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