Bank of America is Eating Their Words, Specifically the Ones Regarding Their Rights to Deficiency Judgments in Northern Virginia Short Sales
Seems Bank of America has come a long way in their processing of short sales. This collection os stories about how they have changed their approval letters and their entire approach to short sales is very enlightening.
Bank of America is Eating Their Words, Specifically the Ones Regarding Their Rights to Deficiency Judgments in Northern Virginia Short Sales
More than two years ago, I listed a Bank of America Short Sale in Manassas. It was a home that I had to sell three timeso over....but even that third time it didn't work. The first two Buyers were not patient enough to wait for Short Sale Approval from the massive mess that was Bank of America in mid 2008-early 2009.
When we finally got a Buyer that was patient, and had the approval letter in hand, my Sellers consulted with their attorney. The attorney's recommendation was to ask Bank of America to remove the language giving the bank the right to pursue a deficiency judgment for the balance still owed. Seemed only fair since the Sellers were being asked to bring cash to closing, right? Well, the early 2009 Bank of America said NO. Take it or leave it. So the Sellers left it and walked away.
What a difference a year and a half can make. Bank of America of year end 2010 was given the same request. No problem. The deficiency judgment language was struck from the letter and my Gainesville Short Sale Sellers were free from further obligation to Bank of America one the Short Sale closed.
Circle back to those Manassas Short Sale Sellers. Well, after two years and some months of missed mortgage payments later, seems Bank of America, who couldn't possibly see to remove the deficiency judgment language, is now BEGGING my Sellers to list their property for Short Sale. Not only will the deficiency judgment be waived, but they'll be given relocation money as an incentive to just sell the property so Bank of America doesn't have to pay to repossess the property through Foreclosure. It's going to be a Bank of America Cooperative Short Sale.
Gee...if only Bank of America early 2009 had known what Bank of America mid-2011 knows. If a Seller isn't making mortgage payments and doesn't get a satisfactory Short Sale Approval Letter, they will walk away from the process. It pays to be cooperative from the get go.
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header is a combination of photos, taken by Chris Ann Cleland, of various listings and neighborhoods in the Bristow-Gainesville-Haymarket area.
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