Monday, October 25, 2010

Bank of America Approves Shalimar FL Short Sale - No Deficiency

Bank of America has approved the short sale for this Shalimar Florida townhome in Country Villas. The original mortgage was for $104,000. The sale price will be about $60,000.

The really good news for these Shalimar short sale sellers? No deficiency!

What this means to Seller:

Upon receipt of the agreed amount, BAC Home Loans Servicing, LP, and/or its investors will waive the remaining balance due on the loan and release the borrower from futher obligation therein, and waive all rights to pursue further judgment or deficiency. BAC Home Loans Servicing, LP, will report the debt as "settled for less than the amount owed" and issue a 1099 for the remaining balance. The Seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney, before proceeding with the short sale.

If you are considering a short sale to avoid foreclosure, contact an experienced Shalimar short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: [email protected]

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