Bank of America
Date: Wed, 09/08/2010 - 20:20
After my short sale the I owe a balance of $130,000. Does anybody have an idea if b of a
will negotiate the debt down? How much?
Thanks all...
will negotiate the debt down? How much?
Thanks all...
Typically they will. How much will depend on your circumstances
Typically they will. How much will depend on your circumstances. Usually banks are willing to negotiate with long term payments on deficiency balances that are this large, unlike credit cards where they normally do not.
Have they tried to collect this money from you yet? Often times banks are letting large deficiencies go. Did you have any agreement in the short sale contract where they agreed not to pursue you for the balance?
I thought a short sale was an agreement by the Bank to forgive t
I thought a short sale was an agreement by the Bank to forgive the debt? Is this not true?
Quote:Originally Posted by AnonymousI thought a short sale was a
Quote:
Originally Posted by Anonymous I thought a short sale was an agreement by the Bank to forgive the debt? Is this not true? |
No an agreement from the bank to allow you to sell your home for less than you owe does not automatically absolve you of the deficient balance. Now the bank may agree to forgive the balance as part of the agreement but if they don't you could still be liable for it. There are other factors as well, such as whether or not the loan is a recourse or non recourse loan.