Real estate blog entries tagged with demand letter by Wendy Rulnick "Its Wendy!" Destin FL Short Sales (Rulnick Realty, Inc.)

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Home : Blogs : Wendy Rulnick "Its Wendy!" Destin FL Short Sales : Destin Short Sales & Real Estate Blog : Tag "demand letter"

demand letter: Countrywide/Bank of America Approvals- Deficiency Threat Sends Shock Waves - 05/15/09 08:14 AM

Have you seen the new Bank of America/Countrywide short sale approval letter? It is sending shockwaves to unsuspecting short sale sellers. Here is a portion of the new approval letter:
The key statement of concern is Bank of America "may pursue a deficiency judgment for the difference in the payment received and the total balance due..."  There are two contradictory elements in the demand letter:
1. The letter states that Bank of America has "agreed to accept a short payoff". Now, how can they "accept" a short payoff, then state they "might" collect the rest?  They either are or are not.
2.  It states "there may be tax consequences for … (18 comments)

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Wendy Rulnick "Its Wendy!" Destin FL Short Sales

Destin, FL

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Rulnick Realty, Inc.

Address: 12889 Emerald Coast Pkwy West, Ste. 107-A, Destin, FL, 32550

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