I’ve officially pursued five Deficiency Waivers this week, and have been successful with two of them so far. I wish I could say their lender-specific, but they’re not! I believe that there are a few deciding factors, and I know that there are tricks to ‘get them through’. I consider myself fortunate to know these ‘tricks’.
That said, I sure hope the lenders come to their senses and begin cooperating more with issuing waivers. We shouldn’t need to deploy ‘tricks’ to protect our sellers! A few of them in particular really do make the process overly difficult, and for some reason do not grasp the idea that many sellers are protected by anti-deficiency laws and the one-action rule (in those respective sates) in a foreclosure. So, reserving the right to pursue a deficiency in a short sale disincentives sellers to close! Crazy stuff.
Fortunately, there are professionals out there – like us – acting in the best interest of the seller.
– Jeff Grant, President, ShhortSale.com