When a homeowner short sells their home, the only way to have the excess amount owed on the mortgage forgiven by the lender is to have them sign a waiver of a deficiency judgment. In addition to servicing the loans that it originates, Bank of America also services a substantial number of loans for its subsidiary BAC Home Loans Servicing. Bank of America will agree to waive a deficiency judgment, in limited circumstances, on the loans that the company owns. However, Bank of America will not waive a deficiency judgment on a mortgage that is owned by its subsidiary. Bank of America's investors man have a legal right in Florida to collect on a deficiency judgment. Bank of America's position is that if the investors in its subsidiary do not sign off on the waiver of a deficiency judgment there is absolutely nothing that they can do except to collect the deficiency for their investors.
It is important to review your agreement with a Florida Foreclosure Lawyer before you end up with a surprised deficiency judgement.
If you are confused as to whether Bank of America owns your loan or is just a servicer of your loan contact a Florida Foreclosure Defense Lawyer. A Jacksonville Foreclosure Defense Lawyer will find out this information for you. A Florida Foreclosure Defense Lawyer will also determine your eligibility for a waiver of a deficiency judgment and find out whether or not your lender participates in Home Affordable Foreclosure Alternatives (HAFA) and is willing to waive your deficiency judgment.
