Short Sale With Liability Release Common According To Orlando Real Estate Broker
Blog readers know that I am not a big fan of short sales. One reason is that my experiences with my legal clients is that lenders usually will not release owners from personal liability in most (I did not say “all”) short sales. The owner/debtor will work hard to find a short sale buyer and still live with the treat that the lender may come after him personally for a deficiency claim.
I met a real estate broker who assures me that he has great success negotiating liability releases in the course of short sales. This guy is not a lawyer; he is a real estate broker, but he owns and operates a relatively large real estate sales force. This gentlemen states that he is able to negotiate full releases of liability in approximately 75% of short sale transactions.
I am not going to disclose his full name because of confidentiality concerns. His first name is Jason. His office is in Orlando. His phone number is 407-467-5631 begin_of_the_skype_highlighting 407-467-5631 end_of_the_skype_highlighting. He has authorized me to provide his contact information. I receive no “referral” fees if you hire him, but I am always interested in providing names of people who might provide a non-legal solution to upside down homeowners.
Jonathan - We were able to get BofA to waive deficiency on 3 condos going through short sale. As a data point, on a 48k balance loan, they wanted an extra 7k to waive deficiency. With another lender on other properties, PHH, they would also waive it, but they wanted a 50% payment on the outstanding balance. We said no thanks.