[faith]

Originally Posted by RJ2shields

I have been reading all your posts and have found them very helpful. We have a 1st and 2nd with BOA ( originaly Countrywide) . We originally listed our house for 749K and have dropped it to 699k > Our short term realator is listing at 675 ( what we owe on both mortgages) and will drop price 25k a week. At some point we ( hopefully) will get a buyer. I have seen 85 % and 80 % mentioned as what BOA will accept and not seek judgement personally against us. Has that been true ? Thanks

Welcome to this forum,
Here's the link re Short Sale Outposts and Success stories. I hope it will help you in your decision making and how to deal with your lender.

http://www.loansafe.org/forum/short-sale-outpost/


http://www.loansafe.org/forum/success-stories-homeowners-who-fought-back-won/7049-wells-fargo-modification-success.html

In California if you have a Purchase Money Mortgage and never refinance there is an Anti Deficiency Judgment called Californial Section 580b meaning your lender can not pursue any deficiency judgment once the house forecloses or sold. If your home qualified as a principal residence and has purchase money mortgage then if you do Short Sale, the balance owed called deficiency judgment is covered under CA Section 580b which states,


No deficiency judgment shall lie in any event after a sale of real property or an estate for years therein for failure of the purchaser to complete his or her contract of sale, or under a deed of trust or mortgage given to the vendor to secure payment of the balance of the purchase price of that real property or estate for years therein, or under a deed of trust or mortgage on a dwelling for not more than four families given to a lender to secure repayment of a loan which was in fact used to pay all or part of the purchase price of that dwelling occupied, entirely or in part, by the purchaser.

Where both a chattel mortgage and a deed of trust or mortgage have been given to secure payment of the balance of the combined purchase price of both real and personal property, no deficiency judgment shall lie at any time under any one thereof if no deficiency judgment would lie under the deed of trust or mortgage on the real property or estate for years therein.


Your home must be your principal residence in which you and family lives. It includes the conventional single family home, condominium or cooperative, a mobile home or a duplex. If the taxpayer has more than one residence, it is the home in which the taxpayer lives most of the time.


Thanks and God bless.