Successfully negotiate a Short Sale? (documentation, mortgage, sales, settlement)

[Karci186]

Hey guys,

I need your help, I would like to know if any of you have or know of anyone who have successfully "negotiate" a short sale? Meaning, that you did not just agree to the banks terms and conditions and that they agreed to your terms as well.

This is the agreement I got from my bank.
Bank of America, N Aissues its approval to sell the subject property which will result in a short payoff of the mortgage, and mortgagor(s) acknowledge they waive any and all rights to any escrow balance, insurance proceeds or refunds from prepaid expenses. Neither the borrower nor any other party may receive any sale proceeds or any funds as a result of this transaction except as noted in this letter. As agreed, when we are in receipt of the proceeds of sales and all required documentation, we will amend reporting to the credit bureau to reflect "agreed settlement short of full payment" which should be reflected on the credit report within 60-90 days from date of notification and waive any deficiency rights, if applicable.
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This sounds fine, but I want to negotiate some of the terms to make sure that I'm fully covered from any future deficiency judgments from the bank or from a collection agency.

So, if you have successfully negotiated your short sale, would you please tell your story and which bank?

PS. I only have one mortgage.

Thanks.

[Chuckity]

So ... you want to the bank to accept less than they're owed and not come after you for the difference?

I guarrantee they''ll find out about that $200K you say you have stashed away.

[2bindenver]

you are the mortgagor. This says nothing about full release of liability. Are you in a non judgment/deficiency state?

[Karci186]

Originally Posted by 2bindenver

you are the mortgagor. This says nothing about full release of liability. Are you in a non judgment/deficiency state?

I'm in a deficiency state (NV)

"we will amend reporting to the credit bureau to reflect "agreed settlement short of full payment" which should be reflected on the credit report within 60-90 days from date of notification and waive any deficiency rights, if applicable."

[MyYahoooo]

Hey Karci186,

My co-worker was able to get their bank to add line in their terms that said "satisfied in full". He was with GMAC.