All Forum Posts by: Matt A

Hello all,

Ok, after a lot of research/calls/emails I have come to this conclusion just now. This is an exact quote from B of A:

"CA is a non-deficiency state, by law we can not go after the deficiency."

We'll see I guess but you can bet that I am keeping the email handy just in case!!!!

Thank you again for all you input.

Regards,
Matt

Jeff A, I tried using the email address to Barbara Doeser above and it got kicked back. I also sent you a message to you inbox so take a look when you get a chance. I am closing by 11/13/09 so trying to give one last ditch effort.

This is all helping a lot everyone. We have gone back to B or A and asked them to change the wording and they said they couldn't do it. I'm going to keep trying. I'm really impressed by all of the knowledge and communication from everyone. I'll be back to let everyone know how things turn out. - Matt

Thanks Eric. I don't take it personal at all. I'm really in that position where I need all the advice I can get and it's great to learn as I go. I am in a legitimate position here and lost my job and now actually relocating to find work. I really just want to make sure that I'm doing things right and not getting punished too badly. I appreciate everyone's help.

Great information guys, thank you so much. I've been stressed about this whole thing for a while. Everything is done other than signing the docs at this point so will take your advice and talk to a lawyer and for sure the asset manager at B of A. I see what you're saying about the 5-10K because you got my situation correct. I'm about $105K difference right now and sure wouldn't want that on my plate.

Interesting. Do you suggest that I consult an attorney before signing any docs? I was under the assumption that this wouldn't happen in CA but again, this is a huge learnging experience for me. I'm just nervous because it says "May pursue" and the last thing I want is a 1099 and staying in dept for what?

Hello CTC,

I have a concern. I recently had a short sale approved in California through B of A and the buyer wants to close asap. I got a letter from B of A stating "BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment recieved and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above."

Can they really come after me for the difference? I thought this was the whole purpose of the short sale...to avoid it. I've relocated and find a new career so I don't want to risk taking that hit. Any advise?

Matt