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

Bridget Ann · 03-18-2009, 10:18 AM

Hi Moe,

I have just received approval on a short sale with Washington Mutual. I had to move and I was trying to sell my house for a year and now it is finally going through at the end of this month.

However, on the approval it says that Washington Mutual will accept $125k on the 2nd. Then the seller will need to contact the Recovery Department to work out payout arrangements on the 29k that is not covered by the sale.

I have never been late on my payments with any of my loans. I even offered to pay 3k to help cover the deficiency for closing but that is all I have in savings right now. I definitely want to avoid paying the 29k and want to see how I can avoid paying this deficiency. This is a HELOC 2nd and it was not used to purchase the loan. However, I probably have done more than 30k in improvements and repair during the course of the last few years and getting it ready to sell. That is why I got the 2nd.

What can I do now to get Wamu to not go after me? I don't want to hurt my credit with the deficiency. I realize the short sale doesn't help my credit but I absolutely have to sell b/c I cannot pay for 2 homes.

My agent is experienced with short sales but I am still nervous on the deficiency and potential collections aspect.

What can I do to get this waived/avoided? Thank you.

Bridget

03-18-2009, 10:18 AM	#11 (permalink)
Bridget Ann Member Join Date: Mar 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Negotiating Deficiency is Key in a Short Sale Hi Moe, I have just received approval on a short sale with Washington Mutual. I had to move and I was trying to sell my house for a year and now it is finally going through at the end of this month. However, on the approval it says that Washington Mutual will accept $125k on the 2nd. Then the seller will need to contact the Recovery Department to work out payout arrangements on the 29k that is not covered by the sale. I have never been late on my payments with any of my loans. I even offered to pay 3k to help cover the deficiency for closing but that is all I have in savings right now. I definitely want to avoid paying the 29k and want to see how I can avoid paying this deficiency. This is a HELOC 2nd and it was not used to purchase the loan. However, I probably have done more than 30k in improvements and repair during the course of the last few years and getting it ready to sell. That is why I got the 2nd. What can I do now to get Wamu to not go after me? I don't want to hurt my credit with the deficiency. I realize the short sale doesn't help my credit but I absolutely have to sell b/c I cannot pay for 2 homes. My agent is experienced with short sales but I am still nervous on the deficiency and potential collections aspect. What can I do to get this waived/avoided? Thank you. Bridget