Short sale

[giacona]

I was wondering if I can get some help here. Due to certian circumstates I had to pursure a short sale on my property. I have 2 loans. One of countrywide now bank of america(whom I do my personal baking with) owing 300K and 2nd with PNC Bank owe 35K

I have retained an attorney who specializes in short sale negoating.

It took about 60 for my flie to get to a case worker at B of A. However for some reason it changed case works since it's no longer countrywide but I was told that should not matter.

I have conventional 30 year fixed with B of A. I am also deliquant on my property taxes which we are trying to get them to pay as part of the short sale. I stopped escorowing taxes about a year ago if I didn't, I would have probally foreclosed back then.

Anyway my only fears are that if either bank does not put in the final closing documents that they are accpeing the short sale as payment in full and release me from further obligation.

The attorney told me each case varies and sometimes they put it in writing and sometimes they do not. However in most cases he told me countywide does not purse deficaincy judgements. I hope this is the same for B of A.

As for PNC I was told they will get a small portion of the short sale payoff and may need to sign a promisarry note and agree to pay them a few thosuand more over 10 years or so. This would be the case if they required the note and did not release me from further obligation in writing.

Worse case scenerio I will have 2 deficiancy judgements on me. I do not want to have to file Bankruptucy since it can ruin your life. Can these judgements be settled for pennies on the dollar like I have been hearing? For example a 35K definaincy being settled for a few thousand dollars?

What are my options and am I looking at a deficiancy judgement? Please advise.

[Moe Bedard]

giacona,


We would be unable to offer advice above and beyond the legal advice of your attorney, as they would be knowledgable in the laws of your state............... and because deficiency laws vary from state to state......you would need to ask your attorney the questions that you have regarding the short sale and what to expect based on the laws of your state.