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Foreclosure deficiencies are one thing… those are usually depending greatly on the type of loan you had prior to the home going to foreclosure but these days there are new laws waiting to be rewritten on the banks ability to pursue you have a homeowner. Well don’t expect any legislative back up any time soon. Huge changes are taking place at Bank of America. Most people these days are looking to see how they can avoid their short sale deficiency. Well it looks like this has just gotten a little but more difficult for those homeowners who already really needed it.
This is what ACG confirmed for us today straight from an upper echelon bank official:
“[They] had a meeting [Tuesday], from [Yesterday] forward if the seller wants the deficiency statement removed they will have to make a cash contribution,… [it must be there primary residence] and did not do a cash out refinance.
…
[Bank of America] will always report the balance owed to the IRS and they will receive a 1099 showing that is income they received…”
If you have any problems with Bank of America you get on them and tell them this is from upper management. We deal with B of A on a very large scale but I can tell you it never stops on each negotiators interpretation of the rules!
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