Loan Modification Forum - LoanSafe.org - View Single Post - Bank of America

ShortinPA · 09-25-2008, 02:04 PM

BofA will only forgive up to 15% of the balance owed. If your offer to them is for less than 85% of the balance owed, they will make you sign an agreement stating that you will pay back the difference.

There is no deficiency judgment in a short sale. If you do not agree to pay them the difference, they will not agree to the short sale, not release their lien on the property, and therefore the sale cannot continue.

The deficiency judgment comes into play in the event of a foreclosure, and this depends on the specific foreclosure laws of your state.

If anyone has any experience at all with Bank of America, PLEASE POST. This forum is significantly lacking in posts from B of A customers.

09-25-2008, 02:04 PM	#4 (permalink)
ShortinPA Member Join Date: Jul 2008 Posts: 17 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America - Short sale with collectible Debt BofA will only forgive up to 15% of the balance owed. If your offer to them is for less than 85% of the balance owed, they will make you sign an agreement stating that you will pay back the difference. There is no deficiency judgment in a short sale. If you do not agree to pay them the difference, they will not agree to the short sale, not release their lien on the property, and therefore the sale cannot continue. The deficiency judgment comes into play in the event of a foreclosure, and this depends on the specific foreclosure laws of your state. If anyone has any experience at all with Bank of America, PLEASE POST. This forum is significantly lacking in posts from B of A customers.