Posted by JT-IN on May 08, 2008 at 18:14:15:
In Reply to: Re: deficiency judgments in Virginia posted by Stanley on May 08, 2008 at 17:44:49:
Good to see, and much of what we have to say is to balance what you originally posted.
With that said, since you are in a non jugdicial state it is unlikely that Suntrust is going to file suit, spend good money after bad to attempt to get a recorded piece of paper at the courthouse. Be mindful of the fact that IF they consider a deed in lieu of foreclosure, or any other deal, it may include you signing off on a soft note... stating that you X, which they may or may not attempt to collect. The purpose of these notes, as I understand it, is so that they can carry the asset on their books without having a complete charge off. Kind of an apeasement of those shareholders again... Those pesky shareholders; who needs em... :)
Good luck on a softer landing.
JT-IN