just got an approval for a short sale with B of A, I have a recourse refinanced loan , B of A refused to put any kind of language to say paid in full or paid in full for less the owed.
my broker pressured me to sign saying B of A never goes after you even if they dont waive the deficiency - the promissory note at escrow close is zero to me.
I am led to believe the broker is desperate for me to sign because he doesnt care if they go after me , he just wants the commission for all the time he spent and I will be owed $450,000 and sent to collections , loose my house and have to move out with no job and relocate again if I ever find one and still owe the deficiency.
I told the broker to cancel the short sale tommorrow.
do you think I was wise? I told the broker day one - if I cant waive the deficiency - its no deal - but he should have been able to tell me that up front - now my credit already damage at late fees up the gazoo and no ability to pay back more then a few months and need cash to survive.
if the promissory note is zero on the short sale at close - ie no promissory note to sign for the difference but if the deficiency language is still there - is that just a ployh by the bank to sent me to immediate collections as soon as I sign the docs.
even though I am unemployed and insolvent by close to 1/2 million.
what would you do in my case with only days left to decide ??
is an approved short sale still better then no deal at all - or should I stay until I get a job and they evict me?
hard to find a job as a CFO with foreclosure or BK on record if I have to go that route - then I will go from executive to welfare recipient - millionaire to living under the free way bridge -that is how bad things are for me - night and day in just 3 years
This communication is from BAC Home Loans Servicing, LP, a subsidiary of Bank of America, N.A.
BAC Home Loans Servicing, LP is required by law to inform you that this communication is from a debt collector.
Please write your account number on all correspondence.
6. The property is being sold in AS IS condition. No repairs will be made or be paid out of
the proceeds, unless specifically stated otherwise.
7. Seller is to contribute
$0.00, to assist in the closing of this transaction. This contribution
will be in the form of:
a. PROMISSORY NOTE (Signed, notarized and returned at closing): $0.00
If a promissory note is required, it must be signed and returned to BAC Home Loans
Servicing, LP prior to the close of escrow. It is the responsibility of the closing agent to
ensure that the executed and notarized promissory note is returned to BAC Home Loans
If a promissory note has already been signed and agreed to between the seller, investor
and the Mortgage Insurance Company, a signed certified copy must be provided to BAC
Home Loans Servicing, LP at the close of the short sale transaction. It is the
responsibility of the closing agent to ensure that BAC Home Loans Servicing, LP
receives the copy.
*** Sales proceeds will be returned if the note has not been received. This will
result in a delay of the transaction and/or possible cancellation of this short sale
. CERTIFIED FUNDS CONTRIBUTION (Due at closing): $0.00
8. The sellers will not receive any proceeds from this short sale transaction. If there are
any remaining escrow funds or refunds, it will not be returned to the seller; it will be sent
to BAC Home Loans Servicing, LP to offset the loss.
9. The property must be free and clear of liens and encumbrances other than those
recognized and accounted for in the HUD-1 approval, on which this approval is based.
10. There are to be no transfers of property within 30 days of the closing of this transaction.
11. BAC Home Loans Servicing, LP does not charge the borrower for statement, demand,
recording, and reconveyance fees on short payoff transactions. Do not include them in
your settlement statement. BAC Home Loans Servicing, LP prepares and records its
12. Other: All funds must be wired. Any other form of payment of funds will be returned.
Payoff funds must be received within 48 business hours of the HUD-1 settlement date.
13. Other: Should the closing be delayed and the Investor/Insurer agree to an extension of
the original closing date, the Borrower(s)/Seller(s) will be responsible for any per diem
fees through the new date(s) of closing, extension fees and foreclosure sale
postponement fees. The Borrower(s)/Seller(s) will be responsible for any additional
costs or fees over the stated approved amounts.
14. Completed Assignment of Unearned premium and Important Notice Regarding Income
Tax Reporting is to be emailed along with the final Settlement Statement.
If the seller is entitled to receive any proceeds based on a claim for damage to the property
under any policy of insurance, including homeowner's, lender-placed, casualty, fire, flood, etc.,
or if seller is entitled to receive other miscellaneous proceeds, as that term is defined in the
deed of trust/mortgage (which could include Community Development Block Grant Program
(CDBG) funds), these proceeds must be disclosed before we will consider the request for short
sale. If we receive a check for insurance or miscellaneous proceeds that were not previously
disclosed, BAC Home Loans Servicing, LP will have the right to keep the proceeds and apply
them to BAC Home Loans Servicing, LP’s loss after the short sale. We similarly would have the
right to claim the proceeds to offset our losses if it were not previously disclosed and it was sent
directly to the borrower.