WHAT ARE OUR FINANCIAL RESPONSIBILITIES ON THE SHORT SALE OF OUR HOUSE THROUGH BOFA?

If you have already received the short sale approval letter from BOA, you will need to read it carefully to determine if the deficiency (i.e., the difference between the proceeds required by BOA and what you actually owe) is being waived. Traditionally BOA has not waived the deficiency, but each case is different.  Typically BOA will pay the real estate taxes because the lien of the real estate taxes is superior to the lender's lien. BOA has also recently been offering relocation assistance of $3,000 or more to sellers who meet certain criteria and are submitting for short sale approval. If you do not already have competent real estate counsel assisting you with this short sale, you should consult with a competent local real estate attorney to get advice specific to your situation. The foregoing is specific to the law and procedure in Florida.  This response does not constitute legal advice as the facts presented are limited and unstated facts will likely impact your particular situation. This response is intended for general education only and does not create an attorney-client relationship. Please schedule a consultation with a local attorney for more specific and detailed answers to your legal issues.