Short Sales: Will Bank Of America Approve Short Sales With No Deficiency?

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Real Estate Agent with RE/MAX Action
IL – The Stop Foreclosure Institute recently received this question from another agent. Here was his question. “"Have you had any luck getting short sales done with no deficiency with Bank of America? My seller is a young couple. They received a job transfer but are very upside down on the house. David” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A Quick Note: The reason he is asking this question is because Bank of America uses the same short sale approval letter for all their short sales. A clause in the letter states that BOA and or its investors may pursue the seller for a deficiency judgment. It is a standard, boiler plate letter put together by their attorneys. Most short sale negotiators refuse to remove that language. BOA’s legal department puts it there because it protects them against lawsuits. But, if you are a seller then you want to know for sure that you won’t be chase down for a deficiency. If BOA won’t remove that language, then you can’t know for sure whether or not you will be pursued for a deficiency. Here was our answer to his question. We have convinced them to remove the deficiency language on a short sale. It's just a matter of requesting it and the owner of the loan being willing to remove it. (Bank of America doesn’t always own the loan themselves) Ask for an approval letter that states they are waiving all future collection rights. Also, remind the sellers they also have a risk of being collected from in the future, after the bank forecloses. Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at dtoomey@remax.net. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Dennis Toomey. Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor: Phone: (847) 338-0180. dtoomey@remax.net. For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy! View My homes for sale at www.HouseByZip.com. Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Dennis's personal views and do not reflect the views of RE/MAX Action. This information on Short Sales: Will Bank Of America Approve Short Sales With No Deficiency? is provided as a courtesy to our viewers to help them make informed decisions.
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