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!

Reblogger Liane Jamason
Real Estate Agent with Smith & Associates Real Estate BK3194803

This is amazing news about Bank of America, who, in the past has been known to NEVER release sellers from a deficiency unless they were in the HAFA program!  YAY!  Great news for BOA short sale sellers!

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 Borkers, agents and sellers who have devoted much of their time and lives so we could get to this point! :)

 

 

 

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, TRC
BROKER - Owner REALTOR® - 954-667-SALE - Green Realty Properties®

Visit www.PattyDaSilva.com & www.GreenRealty.net for SouthEast Florida's best properties.

Copyright © 2008 - 2010 By Patty Da Silva, CDPE©. All Rights Reserved.

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Rainmaker
75,092
Stefan West
West Realty - Murrieta, CA
Temecula-Murrieta-Menifee CA Real Estate

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!

Aug 20, 2010 04:37 AM #1
Rainmaker
88,647
Jeff Launiere
Future Home Realty - Tampa, FL
Jeff Launiere

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.

Aug 21, 2010 04:22 AM #2
Rainmaker
250,793
James Muhammad
RE/MAX Champions - Upland, CA
RE/MAX Vision

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!

Nov 14, 2011 07:25 PM #3
Rainmaker
532,794
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

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. 

May 19, 2016 05:20 PM #4
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Liane Jamason

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