Closing the book on the short sale drama

The end of the year brought the greatest highs and lows for me and my buyers involved in the short sale saga.

We hung on like survivors clinging to a lifeboat.  Finally after 4 months of waiting for an approval on both the first and the second the call came.  According to the listing agent we would be ready to open escrow and close before the end of the month.  There was just some "verbage" that needed correcting before the Seller signed off. 

A week went by.  Calls, emails, stalling. And then....the bomb dropped.  It seems that Bank of America would not release their "deficiency judgement clause" which would allow them to persue the buyer should he (or they) find himself out of his financial hole and doing well.  His response?  Not in this lifetime.  Foreclose on me, see if I care.  It's been 15 months since the Notice of Default was filed.  I doubt they will be foreclosing any time soon.

So the Seller continues to collect rent from his tenants, continues not to pay his mortgage, defaults on the contract that he signed with the Buyer and life goes on.

What's wrong with this picture?  Just about everything.

By: debsimon | In: Deb's Perspective | Comments: 0 | On: 01/21/2010 16:41:05

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