Whenever we receive a new approval letter, we like to post them so you can see the language the banks like to use. This short sale approval is for a short sale listing on Cobble Pond in Manassas, VA where the homeowner is expected to sell with the bank taking a loss of over $101, 000. You’ll want to check out the highlighted language though, since this is another way of the bank trying to hold onto the right to come after the homeowner for the deficiency at a later date. The big thing is, First Tennessee has used the language “charged off”. This is what will appear on the homeowner’s credit report instead of “foreclosed”. Now, the language also says “this short sale transaction should not be deemed as a waiver of any rights or claims…” The fact is, this is typical language, but we have not to this date seen a bank come after one of our clients for the remaining balance unpaid on their mortgage. Call me with questions (703) 774-9572 or email me at jennifer@jyhteam.com.

ick on link here to see approval letter: First Tennessee Bank Approval 7.12.10