When dealing with Short Sales in California bank of america has been known for sending out vague short sale approval letters and attempting to keep the seller on the hook for deficiencies. 

Countrywide was known be slow and frustrating, but, if they approved short sales they almost always send out  short sale approval letter which indicated that country and its investors would not seek a deficiency.  Sometimes this letter might not have been quite what the seller needed but they were amenable to "cleaning it up."

However, Bank of America purchased countrywide and now countrywide seems to have become a bit more tricky.  In the last 3 weeks I have seen an approval with a release of deficiency, a partial release, and the released not being mentioned.

If you are selling property in CA and Countrywide is your loan servicer - you need to set youself up in as strong a negotiating position as possible.

 

 

 

 

 

 

 

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 Tags: short sale, bank of america, countrywide short sales