Chicago Short Sale Question About Deficiencies

Chicago Short Sale Question About Deficiencies

Posted on November 4th, 2011 in All Articles, Short Selling/Buying.

Chicago IL – The Stop Foreclosure Institute recently received a question from Chris. Here was his question.

“I just got an approval from a large national lender this morning and the approval letter stated the following: “Promissory Note of 0.00.” What does a Promissory Note of 0.00 imply?

It shows the promissory note of 0.00 is “to assist in the closing of this
transaction”. My main concern is that if it isn’t prohibited by California law, then I would like them to agree not to pursue a deficiency judgment.

It is best to know 100% in writing for sure so I don’t have that possible issue looming over my head for who knows how long. What are your thoughts on this? Chris.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our response. I think you’re splitting hairs. Didn’t the “Governator” outlaw deficiencies on short sales? If that is correct, then they can’t get a deficiency judgment.

Do I think they are willing to modify their approval letter for you? This bank worries more about being legally protected than they do about approving one short sale.

You might be able to get the negotiator to state that they will waive this clause. But, it isn’t always possible.

In many cases, the banks can have you sign a contract, but if the law forbids it, then the contract may be legally invalid. Talk to an attorney about whether or not that clause even matters. Thinking about a short sale? Visit for tips and information on short selling in Chicago.

I can help you short sale your property and get back on your feet. Send me an e-mail at I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:

Phone: (312) 953-6725.

View My homes for sale at

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.

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Important Notice

Phil Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Phil’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..

This information on Chicago Short Sale Question About Deficiencies is provided as a courtesy to our viewers to help them make informed decisions.