I've heard that they can ask the Dept. (depending on their situation) if they can "cover" the deficiency so a short sale can be avoided. I know you've done quite a few Joseph. My client doesn't want to ask just yet without researching more information so I figured I would ask SSSN peeps.
I can't find any information online that I can refer my client to either. Do you have one?
LEO's - Law Enforcement Officers. I haven't heard of security clearance issues with short sales with police officers. Those who mainly have problems are those in the mortgage or financial sectors or high level military or government positions.
I'm with Joseph to defer to an attorney, who could always contact employers to find out.
So I should refer to them to a Real Estate Attorney then .. I probably should align myself with one. Is that what you have done? The stock broker guy is not late .. he can't be for fear of his job but there is a hardship (nasty divorce, alimony, etc.,) .. the insurance guy was doing trial mods for 18 months and then B of A said oops .. sorry .. you should probably short sale your home .. and after 24 months the likelihood of him foreclosing is pretty high .. it's been on the market for almost a month and I have not one call/interest on it .. perhaps because everything in Riverside County is for sale -____-
I guess Joesph isn't in California. :)
Joseph, we got this wonderful new law just a few weeks ago: no more deficiencies on ANY lien where the lien holder agrees to a short sale. Not all gravy though, I'm sure the juniors will start demanding more.
Strangely, this really DELAYED my short sale. We were all good with the short sale approval letter on the 2nd reserving the right to the deficiency, but BAC's 'management review' required removing the deficiency from the letter -after first waiting again for the MI company to say ok.