I am about to start to send a package to Suncoast FCU in respect of a primary residence short- sale.
The deficiency will be more no more than 30k but I am told that their usual modus operandi is to grant to short sale ,but not "forgive" the deficiency .
Has any Florida agent had any experience of dealing with them ??
Good Morning Donal,
I have not dealt with Suncoast, but I have dealt with some credit unions here in Florida and was told that they do not waive the right to a deficiency judgement. I was thankfully able to get that changed in two separate transactions by having the home owner write an additional hardship letter, and also offer to pay a nominal amount in the form of an unsecured note for a 5 year term, and then request the waiver. I have found that when the homeowner puts in some fund, albeit small they see that as a good faith gesture and have managed to waive. I also have pointed out to the lender that the mere fact that the home has been sold as a short sale is an indicator that the homeowners has no funds and that the reality is that they may never have the funds to pay a large deficiency and for the bank to spend the money it would take to go for a defiency on a homeowner that would never have the means to repay is not good business sense. I am rather careful on my wording, and make it as a respectful request. Not sure if this helps, but it has worked for me before.
What you says make very good sense and I have written such letters in the past to the 2nd lien holder when they were looking for more than the 3k ceded to them by the 1st ,and as you say ,it works most of the time.
I never thought of it ,so thank you for the grateful tip .
My pleasure, I wish you the best of luck. I find that being tenacious does get it done, I am sort of like a dog with a bone, I dont let it go very easily, especially when all the work is done and so very close to getting to the "finish line".
My sentiments exactly ...never say die !!!!!