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Florida Short Sale Agents- Anyone With A Closing With Indymac- FDIC?

Florida Short Sale agents- Have any of you had a closing on a short sale listing of yours where Indymac- FDIC was the noteowner?

This is a Florida state question because the laws are different in each state. We have a short sale approval on an Indymac-FDIC short sale but the letter came back with the deficiency clause in the acceptance. We are trying to get this removed right now. The initial answer as is always the case is based on legal grounds that Florida is a judicial state. Well, you can negotiate any terms you wish to accept. There is no law that says that you have to pursue a deficiency and we get plenty of acceptance letters waiving deficiencies.

We would love it if you would share the legal language of your acceptance letter in regards to the deficiency paragraph and if you were able to waive the deficiency was it done in your first acceptance letter or was it an issue that you had to go back and negotiate with either the servicer or directly with FDIC.

We are getting ready to plead in behalf of our disabled homeowner to whoever will listen to our plea to get this deficiency clause removed and want to strengthen our position as best as we can.

Thanks!

Posted by Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes on 07/06/2009 05:29 PM

Comments (11)

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short sales, florida short sale agents, florida short sale question, deficiency judgments, deficiency clauses in acceptance letters

Originally posted at: South Florida Real Estate and...: Florida Short Sale Agents- Anyone With A Closing With Indymac- FDIC?

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11 Comments on Florida Short Sale Agents- Anyone With A Closing With Indymac- FDIC?

JUL

I have not, but I just took a short sale listing and IndyMac is the lender. Parked here...

I dont work short sales but might want to look up some of the CDPE agents in teh area and speak with them I would think a lot of them should have good knowledge on this.

Heather- already have for ones in our area. None that I can reach have directly dealt with FDIC.

But more so, most agents don't even read the acceptance letter and most sellers will sign it and take their

chances with a deficiency and gamble that it is not applied during the 5 year statute of limitations.

Jeff- They were very nice and easy to deal with. We had an acceptance in less than 30 days. But it is conditional with the deficiency clause not being removed. This is not sitting well with our seller who asks, why do a short sale if it is no different than a foreclosure?

Katrina,

Great question!

This should prove interesting. Are they asking for the deficiency because they can or because the seller can afford to pay his bills?

I think we're going to see more of this as the banks are pushed for even reasonable service. The cause being that the banks are using there committee's to eliminate an individual making a decision that they can be found responsible for. The more service the fewer people are involved and the more personal responsiblty. Hence fewer concessions of the banks money!

Please keep us all informed.

Bill

I will have to bookmark and check back for some feedback... should be some great answers coming your way and I don't want to miss them either.

JUL

I'm closing an IndyMac short sale this week in Sacramento, and there is no deficiency requirement in the short sale approval letter. But then, it's a purchase money loan subject to a trustee's foreclosure. IndyMac is also paying for repairs, which short sale lenders rarely do.

Elizabeth- You are in CA. Total different deficiency laws by state statute. Here there is Florida Statute that note owners may seek a deficiency after foreclosure, deed in lieu or short sale up to 5 years statute of limitations. Do they do so? Our attorneys have not seen this statute applied yet but you never know, as bad as the govt needs money; they may start calling judgments on these outstanding non collected deficiencies based on the premise of this statute. I don't know why legislature has not addressed for short sale exceptions. We also have statutory deeds in Florida. We are a deed state. CA is a trust deed state so they are totally different in the judicial process. Florida is a mandatory judicial state for foreclosures. That is how people get to live in their homes without paying a mortgage for months and years on end:) ( my first real estate license was in CA:))

Bill- We just had three of the higher ups say they read our email and one jerk sent back that he did not read it, just trashed it. We will not stop until we get this resolved in behalf of our seller. We have a great post tomorrow on a great fight that we won for another one of our short sales! Stay tuned!

Tina- I hope this post finds its way into an answer:)

JUL

I definitely am bookmarking this to find out how it turns out. I have Indy Mac Short Sales in the works ( Several have the 2nd position and have been written off and now serviced by a company by the name of FASLO) . Wish I could add to this. Glad to hear you are fighting tooth and nail for your seller. Best of luck.

Fellow Florida Realtors
Dick and Dixie Sells

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