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IndyMac was sold by the FDIC to One West Bank. After this change in ownership, deficiency balances from short sales were no longer forgiven. One West Bank reserves the right to continue to pursue the borrower for the deficiency balance owed after a short sale. If you are in Minnesota and Indymac is threatening to foreclose on your loan, you are probably better off allowing the property to go to foreclosure. Why? Because chances are, One West Bank will foreclose via advertisement (instead of judicially). When a lender forecloses via advertisement in Minnesota, they give up their right to pursue the borrower for any deficiency (but not a co-signor).
To add insult to injury, One West Bank is profiting on almost every foreclosure or short sale. Check out the dynamic video below!
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1166398
