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Seminole, Niceville FL Bank of America Ginnie Mae Short Sale Approved
  This house at 1425 Hickory Lane, in the Seminole area of Niceville Florida, was just approved for Bank of America short sale closing.  It was a long process, with delays due to department changes at Bank of America, but in the end - success!  Here are the details:   First Mortgage Holder: Bank of America   Second Mortgage: None   Mortgage Type: USDA Ginnie Mae   Original Mortgage: $180,000 appr   Current Value: $70,000 appr   Deficiency Judgment: Waived   Seller Cash Contibrution: None   Seller Promissory Note: None   A USDA Ginnie Mae short sale (called ”pre foreclosure sale” at Ginnie Mae), is not processed through Equator, Bank of America’s online processing platform. Ginnie Mae does not issue a letter that states deficiency (or the remainder of your note after selling the property is waived).   USDA loss mitigation guidelines, however, state there is no pursuit for the balance of the unpaid note. I researched online and found the following information about USDA loans sold as short sales "A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation.  The borrower shall not be pursued for deficiency judgments by either the ... more

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