It has been a long road in fighting Bank of America (BofA) over the past few years while trying to help Las Vegas homeowners settle their debt through the short sale of their homes. Bank of America steadfastly refused to release almost every seller here in Nevada because of its status as a recourse state, even if it meant that seller would not cooperate. The home would then needlessly become a foreclosure.
I am going into my 3rd straight year of managing the short sale division here for the Sena Team and tried many different tactics in dealing with BofA. There had been rumors that Bank of America was going be more open to releasing deficiencies for some time. I had even seen one of these infamous letters myself, but now, I got to enjoy seeing my own clients’ name at the top of the letter! It was so rewarding to know that we had not only found a willing buyer but also that the seller is being fully release from their loan obligation.
Potential sellers should be aware that Bank of America is not releasing deficiency as a standard policy. The actual holder of your loan (known as the investor) is and who is fighting your battle will go a long way in your deficiency being successfully released.
Las Vegas homeowners should be heartened that by this development and if interested in a short sale, should contact an experienced REALTOR for an assessment of the situation and potential for deficiency release based on who holds their mortgage note. Your agent should have a minimum of of at least 25 closings to their credit. Every short sale is unique and therefore you need a wide variety of short sale experience to contend the vast number of roadblocks that may prevent a successful closing.
Sellers who may be considering a short sale in Nevada may call 702-376-0088.