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Short Sales: Why Won’t My Lender Allow Me To Walk Away With No Deficiency?
IL – The Stop Foreclosure Institute recently received a question from James. Here was his question. "We are in the middle of a very long negotiation with a large national lender. I had my agent put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.” The short sale negotiator, Nathan, has advised my agent that he will reject the file and close it out if we don’t remove this from the contract. What do you think? After reading your comments, I am not sure of what will happen. How should I pursue this? James." Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to his question. I think the negotiator is getting his ego involved. Many loan owners waive promissory notes. He is out of line (and breaching his lender’s fiduciary duty to the loan owner) if the following applies: 1. If it is the investor's policy to not pursue a deficiency. ... more

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