Denver, CO – We had received an email from another Real Estate Broker, Dean, from the Colorado Springs area, and he had a very good question about deficiencies. Here is Dean's question.“"I have a very sensitive situation with a couple that will have a job transfer out of state, and we were concerned about the short pay-off deficiency. Will Bank of America approve this with NO recourse for the deficiency debt?, Dean.”
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. In most cases, we have been able to get BOA to state in their approval letter they would "waive" any recourse for the outstanding debt!
In this situation with Dean's clients, 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.
There are a couple of issues to briefly address on this case. The deficiency and the legitimate Hardship situation due to the job transfer.
But, if you are a seller then you want to know for sure that you won’t be chase 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 BOA on many occasions 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.
We approach the negotiator that they SHOULD NOT pursue the borrowers due to the legitimate hardship of the Job Transfer! This is REALLY a strong negotiating point for the seller; and in most cases, they should never have to impact their credit, by missing payments in order to work the short sale with the lender! Use this to the advantage of the seller!!
(Bank of America doesn’t always own the loan themselves) Ask for an approval letter that states they are waiving all future collection rights.
Thinking about a Short Sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at denverforeclosureblog@gmail.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 303-521-0984
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Thanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
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Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dan Hopper's personal views and do not reflect the views of RE/MAX Alliance.
This information on Stop Foreclosure: Get the Lender to Waive the Deficiency Recourse!, is provided as a courtesy to our viewers to help them make informed decisions.
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