Quick question regarding an upcoming foreclosure trial.
First, a snapshot: without having the exact numbers in hand, lets figure the following... I purchased a home in 2006 (primary residence, Florida) for 300k. A similar home (slightly larger) sold for 160k a year ago. So, lets imagine mine will sell (when/if i lose the case) for 150K.
I have a main mortgage
for 220K and a second for 50K. again, this is for figurative purposes. BOTH mortgages are serviced by the same bank (Bank of America), but owned by different parties (first mortgag is owned by Fannie Mae (after many assignments) and the Second is owned by Bank of New York/Mellon).
I strongly believe we have a "strong defense" this time around, but i can imagine its a matter of time.
The "Servicer", Bank of America, is offering not to pursue a deficiency judgement for the remaining amount (the difference between the amount the house is actually sold for and the owed amount).
The question is: Does this offer typically cover the second mortgage
(50K) which is also serviced by the same bank? In your opinion, is this a scam or is it legitimate?