I hear they are going to change their rigid stance on this.
Yes, I did. My seller refused to sign her papers the day before the closing because BAC’s approval letter said they were not waving deficiency judgment. I contacted BAC management and the same day, I got a new approval letter that waved deficiency judgment. The investor for the loan was Freddie Mac.
Interesting! Was this Purchase Money or Refi Money?
Pleae advise on who you contacted. I have an all cash buyer wanting to close ASAP. We have the BofA approval letter and are in “Closing” Status, but the ugly Deficiency Judgment Verbage is on the Approval Letter.
Refi.
That is great news! Good job Yasumi!!
Does anyone have an update 3/2011 regarding removing the Deficiency Judgments from B of A? They are the lender on the 1st and 2nd of the Short Sale I am currently involved in. Thank you for replying, Debra
Hi Debra, If you are in CA and it is a 1st mortgage the new law that took affect January 1st does not allow a lender on a first mortgage to seek a deficiency judgement on an approved short sale. The 2nd may be more challenging unless it was a purchase money 2nd. I have not heard anything recently on Bank of America 2nds.