Thursday, November 17, 2011 / by Lynn Horner Baker
“"Have you had any luck getting short sales done with no deficiency with Bank of America? My seller is a young couple. They received a job transfer but are very upside down on the house. David”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
A Quick Note: The reason he is asking this question is because Bank of America uses the same short sale approval letter for all their short sales.
A clause in the letter states that BOA and or its investors may pursue the seller for a deficiency judgment. It is a standard, boiler plate letter put together by their attorneys.
Most short sale negotiators refuse to remove that language. BOA’s legal department puts it there because it protects them against lawsuits.
But, if you are a seller then you want to know for sure that you won’t be chased down for a deficiency. If BOA won’t remove that language, then you can’t know for sure whether or not you will be pursued for a deficiency.
Here was our answer to his question. We have convinced them to remove the deficiency language on a short sale. It's just a matter of requesting it and the owner of the loan being willing to remove it.
(Bank of America doesn’t always own the loan themselves) Ask for an approval letter that states they are waiving all future collection rights.
Also, remind the sellers they also have a risk of being collected from in the future, after the bank forecloses. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our North Metro Atlanta loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Lynn Horner Baker.
Lynn is a Real Estate Agent and owner of Horner Baker Partners. North Metro Atlanta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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