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dublinwayne · 01-23-2009, 09:16 AM

Very Similar Situation here.

We have had several short sale offers that the 2nd (B of A) would not accept. They wanted 85% of $500k as stated above. We kept the first current to put more pressure - and we hoped they'd foreclose giving us a nice out via California Laws.

They choose to charge it off instead. The negotiator suggested we submit several repayment plans proposal over the last couple weeks. Mgt rejected them all and said they will only accept $50K down and $250K over 20 years.

Since the first isn't an issue as A) they get most their money back at a bank owned sale and B) if they foreclosure they lose they're right to come after the definceny - We think we're better off taking our changes with foreclosure.

Questions:

- Have you heard if B of A doing Deficency judgements?
- The B of A agent mentioned that if it goes into foreclosure, they'll ask for a stay? (not sure what this implies& why they do this..?)
- If they 1099 me can they still collect?
- Can they hand it off to collection agency without getting a Deficency Judgement?
- Is there any room for nego in front of the judge
- What kind of nego powers will the collections agency have?

01-23-2009, 09:16 AM	#11 (permalink)
dublinwayne Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America - Short sale with collectible Debt Very Similar Situation here. We have had several short sale offers that the 2nd (B of A) would not accept. They wanted 85% of $500k as stated above. We kept the first current to put more pressure - and we hoped they'd foreclose giving us a nice out via California Laws. They choose to charge it off instead. The negotiator suggested we submit several repayment plans proposal over the last couple weeks. Mgt rejected them all and said they will only accept $50K down and $250K over 20 years. Since the first isn't an issue as A) they get most their money back at a bank owned sale and B) if they foreclosure they lose they're right to come after the definceny - We think we're better off taking our changes with foreclosure. Questions: - Have you heard if B of A doing Deficency judgements? - The B of A agent mentioned that if it goes into foreclosure, they'll ask for a stay? (not sure what this implies& why they do this..?) - If they 1099 me can they still collect? - Can they hand it off to collection agency without getting a Deficency Judgement? - Is there any room for nego in front of the judge - What kind of nego powers will the collections agency have?