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!

Out in California, we are a no recourse state, so I haven't had it come up too often. There was one time they wouldn't do it because my client had taken out a heloc.  I have another short sale coming up with a  50k line and I am a bit concerned about that one.

Congrats!

Hey Liane congratulations. At the CDPE Momentum in Arizona Bank of America said that they only own 10% of their loans and those they will be open to no deficiency judgement. On the 90% owned by investors they have to do what the investor wants, and most will not give up on a deficiency judgement. Also they said if someone has a HELOC and used a lot of it  after the market began plummeting and they cannot show proof of using it on the home then they would be unlikely to release the deficiency judgement.

After all how many homeowners have we seen that used their HELOC a couple of years ago to buy brand new cars, boats, trips and more, and I guess we cannot blame the lenders from putting in a deficiency judgement.

Liane, this is a very, very good blog post. I have a Short Sale with Bank of America right now and it is crazy. So it's good to see you got yours done. I know this is a old post but it at least gives me hope.. Lol!

hey there, just was looking on my list and seen you hadnt posted a blog posting in ages, wondering if you are still around, in business, or have moved on to other things. 

Wow, this was a huge win for you and your clients, very well done!