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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Posted by Rob on April 08, 2009 at 12:25 AM In Reply to: Deficiency judgments in California posted by Rogie on April 03, 2009 at 8:27 AM : Man, I think I've forgotten way too many things regarding short sales. I've had a lot of push back from realtors and sellers regarding the owners exposure to deficiency judgments. And then just this a.m. I had a faint memory of lenders being unable to pursue one if they address a foreclosure using non-judicial means (which almost all lenders do, e.g. 99.99% - I've never seen one in CA). Which means it's a non-issue. Is this the case? And if someone can cite some code, that would be great! Unfortunately, that still means the lender can 1099 them statutorily until AB111 is renewed (having expired 12/31/08). Love to hear some feedback. Hey Rogie I believe this is good until 2012, as far as the 1099 goes. As far as the deficiency judgement, I believe the lender can retain that right on recoarse money if the lender only releases the lien. We have had some luck getting a full satisfaction by raising our offer to get the homeowner a full satisfaction. Although on a recent transaction with Indy-Mac Federal they would only give a release. Again has anyone seen a lender go after anyone other than on a HELOC? I also would love any input from the others. Follow Ups: Re: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Rogie Robinson 3:51 PM, 04/09/09 (1) Re: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Rob 7:25 AM, 04/10/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Man, I think I've forgotten way too many things regarding short sales. I've had a lot of push back from realtors and sellers regarding the owners exposure to deficiency judgments. And then just this a.m. I had a faint memory of lenders being unable to pursue one if they address a foreclosure using non-judicial means (which almost all lenders do, e.g. 99.99% - I've never seen one in CA). Which means it's a non-issue. Is this the case? And if someone can cite some code, that would be great! Unfortunately, that still means the lender can 1099 them statutorily until AB111 is renewed (having expired 12/31/08). Love to hear some feedback. : Hey Rogie : I believe this is good until 2012, as far as the 1099 goes. As far as the deficiency judgement, I believe the lender can retain that right on recoarse money if the lender only releases the lien. We have had some luck getting a full satisfaction by raising our offer to get the homeowner a full satisfaction. Although on a recent transaction with Indy-Mac Federal they would only give a release. Again has anyone seen a lender go after anyone other than on a HELOC? I also would love any input from the others. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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