BANK OF AMERICA JUST KEEPS ON GIVING
As previously reported in this blog, Bank of America (BAC) will sometimes completely release homeowners from all potential deficiency judgments and all claims resulting from a short sale, but usually only after extensive negotiation.
In February 2010, BAC provided a full release as follows:
Upon receipt of the agreed amount, BAC Home Loans Servicing, LP and/or its investors will waive the remaining balance due on the above referenced loan and release the borrower from further obligations therein, and waive all rights to pursue further judgment or deficiency. BAC Home Loans Servicing, LP will report the debt as “settled” and issue a 1099 for the remaining balance.
It took months of negotiation and a payment to BAC to obtain that release. Individual results may vary!
The bottom line in most short sale situations, is that the lender won’t get its money back from the homeowner- not now, not after foreclosure, not under a new federal bailout, not when the economy recovers, never.
Moreover, rejecting the short sale and instead foreclosing, will cost the lender tens of thousands of dollars; an expensive decision…even for a bank.
BAC knows all that since they have working for them the brightest, and most experienced deficiency judgment experts in the world. When push comes to shove, BAC knows its good business to take the short sale deal; they just want the homeowner to pay and work for it.
For more information on how we can be of service go to Las Vegas Law Firm Short Sale Services For Real Estate Agents and Homeowners
6 thoughts on “Bank of America Gives a Full Release For a Las Vegas Short Sale”
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I saw that you mentioned it took a “payment” to BAC for them to waive the remaining balance. Can you tell me what percentage of the loss this particular person had to come up with to get BAC to agree to the deficiency waiver?
The release is not recorded.
I’m curious; what document is recorded to memoralize a lender’s agreement to waive a right to seek a defenciency judgment. Take the BOA waiver above, was anything recorded in the local land records to memoranize that agreement?