After a battle I closed my short sale about a month ago. My approval letter references both loans (both were through BOA), and includes the following:
"The owner of your mortgage note, the mortgage insurer, if your loan is covered by mortgage insurance, and Bank of America, N.A.
waive their right to pursue collection of any deficiency following the completion of your short sale and your debt is considered
settled. The deficiency is the difference between: (1) the remaining amount due under the mortgage note and mortgage or deed of
trust; and, (2) the current market value of the property plus any cash contribution you make or amount you agree to repay in the
future. The amount of the deficiency will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms.
We suggest that you contact the IRS or your tax preparer to determine if you have any tax liability.
Bank of America, N.A. will report the debt to the credit reporting agencies as "paid in full for less than the full balance". To learn
more about the potential impact of a short sale on your credit, visit http://www.ftc.gov/bcp/edu/pubs/cons...dit/cre24.shtm.
If it is subsequently determined that the approval of the short sale was based, in part, on information which Bank of America, N.A.
later determined to be false or misrepresented or fraudulent, Bank of America, N.A. reserves the right to pursue the remaining
balance of the note.
Except as noted below, all other terms of the original approval letter will remain the same. The amendments to the original approval
are as follows: "
Which clearly says they are waiving their right to a deficiency, I also verified that both loans were accounted for in this short sale through my attorney. . .
I thought this was over until I got a letter in the mail from Dyck-O'Neal, Inc. seeking collections on the 2nd loan, oddly it looks like they are collecting on behalf of some mortgage insurance company that I've never heard of, and both loans were through Bank of America.
I've reached out to my attorney, but I'm really not sure what to do. . . any advice would be hugely appreciated. . .