Loan Modification Forum - LoanSafe.org - View Single Post - Negotiating Deficiency is Key in a Short Sale

Enrique · 08-21-2008, 08:23 PM

Thanks Moe. I'll have to look more into how to get the lender (BofA) to foot that bill. I've already forked out $1000 to the lawyer. Mabye I can get reimbursed.

I have another question for you. In your post about short sales you say

"You must negotiate for the release of both the property lien and the underlying personal debt secured by the note. If you fail to do this, the lender may not forgive the personal debt and it will become a collection."

I am right at this crucial step in my short sale and I feel much uncertainty. The bank's offer to me for both the 1st and HELOC is to agree to release the lien and charge off the remaining debt as a collectable balance. Is this the situation you are talking about... that they are not forgiving the personal debt? They're giving me until 9/12/2008 to sign the agreement or the offer ends.

-- Unsure and somewhat confused

08-21-2008, 08:23 PM	#4 (permalink)
Enrique Member Join Date: Jul 2008 Location: Brentwood 94513 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Negotiating Deficiency is Key in a Short Sale Thanks Moe. I'll have to look more into how to get the lender (BofA) to foot that bill. I've already forked out $1000 to the lawyer. Mabye I can get reimbursed. I have another question for you. In your post about short sales you say "You must negotiate for the release of both the property lien and the underlying personal debt secured by the note. If you fail to do this, the lender may not forgive the personal debt and it will become a collection." I am right at this crucial step in my short sale and I feel much uncertainty. The bank's offer to me for both the 1st and HELOC is to agree to release the lien and charge off the remaining debt as a collectable balance. Is this the situation you are talking about... that they are not forgiving the personal debt? They're giving me until 9/12/2008 to sign the agreement or the offer ends. -- Unsure and somewhat confused __________________ Declined a short sale with BofA... now just walking away...