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OMG-OMG-OMG~~~ I just got a Bank of America short sale approval where BoA GAVE UP THEIR RIGHT TO A DEFICIENCY JUDGMENT AND ARE RELEASING MY SELLERS FROM ANY FURTHER LIABILITY!

By Broker Patty Da Silva Da Silva

Real Estate Broker/Owner with Green Realty Properties® - 954-667-7253 BK3175566

August 17, 2010 12:01 PM

And the approval letter reads: "Upon receipt of the agreed amount, BAC Home Loans Servicing, LP, and/or its investors will waive the remaining balance due on the above referenced loan and release the borrower from further obligation therein, and waive all rights to pursue further judgment or deficiency.

Today was a good day for all Brokers, agents and sellers who have devoted much of their time and lives so we could get to this point! :)

PS: Many have asked if this is a HAFA short sale. This is NOT a HAFA short sale and home is NOT owner occupied.

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Tony and Suzanne Marriott, Associate Brokers

Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ

Haven Express @ Keller Williams Arizona Realty

We're seeing more of these from B of A too - it all depends on the investor...

Aug 18, 2010 05:10 AM

Bill Gillhespy

16 Sunview Blvd - Fort Myers Beach, FL

Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Patty, How ironic that we just had a staff meeting with an attorney who mentioned the very same thing ! Too soon to know if this is a trend but certainly great news for your client !

Aug 18, 2010 05:13 AM

Craig Rutman

Helping people in transition - Cary, NC

Raleigh, Cary, Apex area Realtor

Clearly you need to play the Lottery today! Or, at the very least, tell us your secret!

Aug 18, 2010 05:13 AM

Jeanne Dufort

Coldwell Banker Lake Country - Madison, GA

Madison and Lake Oconee GA

good for you!

Friday I closed a SunTrust/United Guaranty short sale, and both balances were forgiven.

Something in the air?

Aug 18, 2010 05:50 AM

Paul Francis

Francis Group Real Estate - Las Vegas, NV

Las Vegas Real Estate Agent - Summerlin Homes

I don't know if one approval letter from BAC that makes sense is good for all agents, brokers and sellers consdering how many short sales are in the frustration pipeline with BAC but Congratulations to you.

I think you should go get some Powerball or Mega-Millions lottery tickets... better shot of hitting one of those then getting what you just got. (Unless your sellers made a Payoff contribution.)

On the flip side... I can hear it now... "Bank of America issuing Short Sale Approval Letters waiving their future deficiency rights without a bribe" screaming across the internet and pushed by short sale designation sellers... because of your one approval. LOL!

BTW...I just received a BAC approval this morning. They will not waive their future deficiency rights but it's a small balance anyways so the seller does not care. So everybody... don't get your hopes too high that this will be the new norm with BAC anytime soon.

Anyways...Congrats!

Aug 18, 2010 05:57 AM

Lori Mode

The Mode Real Estate Group - Elk Grove, CA

Real Estate Made Simple

Congratulations! I too have received one of these on one of our short sales that we closed. I really thought Bank of America was starting to get it, until yesterday when I could not get them to postpone a trustee sale for a couple of weeks when we have an approval, a qualified buyer and they will be taking back a property with a problem tenant in it! I agree...don't get your hopes up so quickly for everyone, but it's good to see that at least sometimes they are getting it!

Aug 18, 2010 06:10 AM

Louis Snitkin

Halstead Property - Manhattan, NY

"Results That Will Move You"

Sshhh! They probably don't want the word to get out!

It's good to know that the banks are coming to terms with the realities of our economy, because I expect that we'll be seeing more short sales here in Manhattan as the recession lingers.

Congratulations; short sales seem to be a game of Russian Roulette.

Aug 18, 2010 06:26 AM

Jeana Cowie

RE/MAX Real Estate Limited - Paramus, NJ

Broker Associate, ABR, CRS, GRI, SRES

Patty,

That is encouraging news. I hope everything continues going smoothly so that your short sale can close asap.

Aug 18, 2010 08:10 AM

Richie Alan Naggar

people first...then business Ran Right Realty - Riverside, CA

agent & author

Patty....

Someone must have put something in their drinking water. I say BofA.......KEEP DRINKING........

Thank you

Aug 18, 2010 10:56 AM

Broker Patty Da Silva Da Silva

Green Realty Properties® - 954-667-7253 - Cooper City, FL

Top Listing Broker

Don - I already wrote the letter... my sellers only need to sign it at closing. LOL (J/K)

June, Rhonda and Williams - Thank you very much!!

Garrigus - I don't blame you for thinking that! The same would have crossed my mind if I was not the one got the letter.. Great comment - made me laugh.

Trica and Michael - I have a new found belief for miracles!

Ken - I hope your letter arrives tomorrow or Thrusday or Friday or Monday or Tuesday or Wednesday...... :D

Sara and Nancy - Great news and I hope it becomes the standard!

Aug 18, 2010 02:56 PM

Broker Patty Da Silva Da Silva

Green Realty Properties® - 954-667-7253 - Cooper City, FL

Top Listing Broker

Jeanie - 2 loans - 1st and a HELOC - I always ask for waiver of deficiency and until yesterday had never gotten it.

Katerina =D - I hope so too!! Their language on their approvals are not very nice/soft and makes the sellers nervous even though we tell them that BoA says they are just putting it on the letter but are not actually going to pursue it...

Ken, Sue and Michelle - Never easy to work with BoA (even now, that things are easier).

Aug 18, 2010 03:01 PM

Mary Macy

Top Agents Atlanta Metro - Roswell, GA

Top Agents Atlanta Metro

Miracles actually happen in everyday real estate. What happened to BOA, did they get tired of not approving Short Sales!!! Did they actually start working the program!!! Thanks for posting the letter or I would have never believed it!!!

Aug 19, 2010 01:12 AM

Steve Hoffacker

Steve Hoffacker LLC - West Palm Beach, FL

Certified Aging In Place Specialist-Instructor

Patty,

Congratulations and kudos for a job well done on giving this case some finality. :)

Steve

Aug 19, 2010 10:26 AM

Liane Jamason

Smith & Associates Real Estate - Saint Petersburg, FL

Top 1% Real Estate Broker - St. Petersburg, FL

THAT IS AMAZING! Thank you for sharing! I am going to run off and tell my current BOA short sale clients. This wasn't part of HAFA either right?

Aug 20, 2010 04:33 AM

Broker Patty Da Silva Da Silva

Green Realty Properties® - 954-667-7253 - Cooper City, FL

Top Listing Broker

Sue - I think they are as shocked as we all are!

Michelle - I hope you got yours!! Let us know. :)

Leilani - Thank you and thank you re-blogging it... the more people who hear the good news, the better!

Christine - I hope you get it on your demand letter as well!

Maureen - Your hope jar has been filled up (so has mine)!

Katherine - Every step forward with BoA is a reason to celebrate - this one deserves a party!

Gary - I don't know but I sure hope so... this is a lot easier to explain to sellers.

Mary - I did my happy dance - thankfully it did not get caught on tape. :D

Aug 20, 2010 11:06 AM

Anonymous

Mike Bryant

Patty,

That is some awsome news girl; great job!! B of A has been such a pain lately, and to have buyers stick around that long is wonderful! I am currently working on three within the Equator system, and getting close on two. One of them B of A has the second; the first lien holder agreed to give them $5,000 and then the negotiator tells me that there is also an MI company, on the second, and they want something too! Come to find out, Countywide ordered the MI themselves, not the buyer, so today I told them no way. They are getting $5K, they can give part of that to the MI, just give us our release. We'll see.....This one's been going on since May, the other two since June.

It seemed like the Equator system started to improve about 6 months ago, then Bam! Right back to good ole' B of A...Your story gives us all a lot of hope Patty, let's all take the high road and think those good thoughts. Remember, it's the client we are fighting for!!!!!!

Aug 20, 2010 06:38 PM

#76

Harrison K. Long

HomeSmart, Evergreen Realty - Irvine, CA

REALTOR , GRI, Broker associate, Attorney

Patty ... Thanks for your post here. I couldn't tell whether that was a loan qualified in the HAFA program. It's good news that BofA released your owner client from possible deficiency judtgment. Congratulations and best wishes.

Aug 22, 2010 06:21 AM

Brian Teach

Orlando, FL

Patty, Thanks for sharing this great news. You must be the one success coming out of Bank of America's short sale department. Congratulations to you and your seller!

Aug 23, 2010 07:56 AM

Ana Fultz

Keyes Real Estate - Lighthouse Point, FL

What I can say is congratulations! And please send me some of your luck and secrets to me as Bank of America is not my cup of tea! Trying to get a deal done right now with them but not a HAFA and I cannot wait to see that APPROVAL letter! It's been long due...

Aug 24, 2010 08:01 AM

Nestor Realtor

Coldwell Banker Residential Brokerage - Danbury, CT

www.HomesByNestor.com

Congratulations! I am sure it was not only luck but a serious and dedicated effort to get the job done.

Aug 31, 2010 07:51 PM