Got a short sale approval from IndyMac (OneWest) with nothing being mentioned about deficiency judgment

Submitted by Rob from CA - 05/14/2010 - 9:34pm

Just got a short sale approval from IndyMac. However, nothing was mentioned in the documents regarding deficiency judgment. This property is in CA, a non-recourse state. If nothing is being mentioned in the approval letter, does it mean that IndyMac is releasing its rights to go after the deficiency judgment in the future? The approval does not said anything about reserving its right OR releasing its right to deficiency judgment. SHOULD I SIGN THE APPROVAL LETTER? I am afraid they will come after the deficiency judgment since nothing is being stated in the approval about giving up its right to pursue the judgment. If they approved it and this condition is not stated in the approval letter, can I assume I am being release from the deficiency judgment? HELP HELP ANY ADVICE WILL BE GREATLY APPRECIATED.

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Comments

Submitted by Jennifer - 08/21/2011 - 9:26am

I am in a current situation as you, I just got approval for my short sale application and it stated that Indymac retains all deficiency rights as provide by the note, in accordance with Local and Federal Laws. So, I wrote the negotiator and requested not to pursue a Deficeincy Judgement once the short sale is closed. The response I get is this:
"Deficiency rights will be retained by the investor based on YOUR STATE REGULATIONS/LAWS and we CANNOT WAIVE deficiency rights nor provide documentation stating that the investor's rights will be waived, as it will be based on the laws of your state." Really?!?! well, that is very comforting! Now, I have to keep looking over my shoulder for the next 6 years! The question is, am I willing to risk this? will they come after me? what if they start garnishing my wages? eventually something has to give! I am meeting with a Real Estate Lawyer who can help me and give me the proper advise. For now, I am not 100% comfortable signing off on this short sale approval!

Submitted by Jennifer - 08/21/2011 - 9:28am

I am in a current situation as you, I just got approval for my short sale application and it stated that Indymac retains all deficiency rights as provide by the note, in accordance with Local and Federal Laws. So, I wrote the negotiator and requested not to pursue a Deficeincy Judgement once the short sale is closed. The response I get is this:
"Deficiency rights will be retained by the investor based on YOUR STATE REGULATIONS/LAWS and we CANNOT WAIVE deficiency rights nor provide documentation stating that the investor's rights will be waived, as it will be based on the laws of your state." Really?!?! well, that is very comforting! Now, I have to keep looking over my shoulder for the next 6 years! The question is, am I willing to risk this? will they come after me? what if they start garnishing my wages? eventually something has to give! I am meeting with a Real Estate Lawyer who can help me and give me the proper advise. For now, I am not 100% comfortable signing off on this short sale approval!

Submitted by Jennifer - 08/21/2011 - 9:28am

I am in a current situation as you, I just got approval for my short sale application and it stated that Indymac retains all deficiency rights as provide by the note, in accordance with Local and Federal Laws. So, I wrote the negotiator and requested not to pursue a Deficeincy Judgement once the short sale is closed. The response I get is this:
"Deficiency rights will be retained by the investor based on YOUR STATE REGULATIONS/LAWS and we CANNOT WAIVE deficiency rights nor provide documentation stating that the investor's rights will be waived, as it will be based on the laws of your state." Really?!?! well, that is very comforting! Now, I have to keep looking over my shoulder for the next 6 years! The question is, am I willing to risk this? will they come after me? what if they start garnishing my wages? eventually something has to give! I am meeting with a Real Estate Lawyer who can help me and give me the proper advise. For now, I am not 100% comfortable signing off on this short sale approval!

Submitted by Jennifer - 08/21/2011 - 9:29am

I am in a current situation as you, I just got approval for my short sale application and it stated that Indymac retains all deficiency rights as provide by the note, in accordance with Local and Federal Laws. So, I wrote the negotiator and requested not to pursue a Deficeincy Judgement once the short sale is closed. The response I get is this:
"Deficiency rights will be retained by the investor based on YOUR STATE REGULATIONS/LAWS and we CANNOT WAIVE deficiency rights nor provide documentation stating that the investor's rights will be waived, as it will be based on the laws of your state." Really?!?! well, that is very comforting! Now, I have to keep looking over my shoulder for the next 6 years! The question is, am I willing to risk this? will they come after me? what if they start garnishing my wages? eventually something has to give! I am meeting with a Real Estate Lawyer who can help me and give me the proper advise. For now, I am not 100% comfortable signing off on this short sale approval!

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