I've been very successful in selling Short Sales but this time I've encountered a case where the Bank does not want to release my client from the note. They mentioned (Wilshire) that they will only release the lien for the sale but not release the owner from the debt and most likely 1099 him for the difference. I thought this only happened in cases where the owner owned more than one property. In my clients case this is his primary residence. Can anyone advise me on how I or my client can negotiate this with the bank so that they release my client from the debt in full like others have done?
I received an update on one of our offers, which is in a multiple offer situation and we must submit our highest and best. But what troubles me the most is that this property has "Chinese drywall" can we still obtain financing? should my client even consider purchasing this property even if he is able to secure financing?
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