January 3, 2011 – (RealEstateRama) — The Ballen Group, A team of Las Vegas Short sale Specialists, uses a comprehensive Short Sale System for Nevada Short Sales leading to Bank of America Short Sale Approval waiving the deficiency for the seller.
The Ballen Group, a local team of award winning short sale agents in Nevada, who have been specializing in Nevada Short Sales for several years now, have completed a very difficult Short Sale with Bank of America for the property FRIGATEBIRD located in Aliante Nevada. The Bank took a short payoff and removed the deficiency language from the approval letter.
The Short Sale Approval Letter from Bank of America has always included language stating that Bank of America reserved the right to collect the debt (the difference of what the buyer paid for the home and what the seller owed on the loan) from the seller. This short sale approval letter actually stated that the deficiency was waived. The following paragraph is taken directly from the letter.
Upon receipt of the agreed amount, BAC Home Loans Servicing, LP, and it’s investors will waive the remaining balance due on the above referenced loan and release the borrower from further obligation therein, and waive all rights to pursue further judgment or deficiency. BAC Home Loans Servicing, LP will report this debt as “settled for less than the amount owed” and issue a 1099 for the remaining balance. The seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney before proceeding with the short sale.
Ballen uses a comprehensive Las Vegas Short sale system for sellers. Nevada Homeowners who are facing Las Vegas foreclosure can request that The Ballen Group consult with the sellers about their needs. In addition, Ballen has created a custom short sale hardship package allowing the homeowner to complete the documents required by the bank to ease the process. Although The Ballen Group would never encourage Las Vegas Short Sale, many homeowners in Las Vegas and surrounding areas are facing true hardships that force them to attempt a Short Sale rather than face Las Vegas Foreclosure.
“This one was a struggle, but we got it done. Another Nevada Homeowner Helped”, says Lori Ballen, team leader for The Ballen Group who Short Sale Nevada. “We are thrilled to see Bank of America coming to terms with these sellers. The banks need to continue improving their systems, and making it possible for the sellers to move on with their lives”. Richard Ballen, Listing Specialist for the Ballen Group happily stated “Another Problem has been solved. Bring on the next one”.
The Ballen Group specializes in Las Vegas Real Estate, Henderson Real Estate, North Las Vegas Real Estate, Short Sales (Pre Foreclosures) and Las Vegas Foreclosures.
702.482.7739 – http://www.ShortsaleinNevada.com – When Ready to sell your Las Vegas Home – if you owe more than the mortgage, we can help. Call us to discuss short sale options. Las Vegas Short Sale Specialists with Keller Williams Realty Las Vegas. If you are looking to buy, feel free to use our Online Nevada MLS search and Property Finder at http://www.ForSaleByBallen.com – It’s FREE and Online NOW. http://www.youtube.com/watch?v=39wcJsR5LEk – What IS a Short Sale?