Scott Haire wrote:
I'm short selling my home and Citibank (1st lienholder) has approved the short sale. Bank of America (2nd lienholder) just approved the short sale but will not remove language that allows them to pursue me for a deficiency judgement, even though I've agreed to sign a new promissory note for around 10% of the outstanding balance (Citibank is kicking in another 10% and they'll be out around 80%). B of A's mortgage insurance company sent an email agreeing not to pursue me for any deficiency.
Does anyone have any ideas on how to get this language changed?
Does anyone have an attorney who has dealt with Bank of America's short sale dept and knows how they operate?
In my humble, non-attorney opinion, you shouldn't have a problem even if they won't remove the aforementioned language. Since they have mortgage insurance and since you have the mortgage insurance company's promise in writing that they won't pursue you for a deficiency, you should be OK. You might also want to take a look at the following:
http://law.onecle.com/texas/property/51.003.00.html
http://www.irs.gov/individuals/article/0,,id=179414,00.html
Thanks,
Robin
