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Anybody have a deficiency judgment against them after a Bank Foreclosure?

We tried to Short Sale our home, twice, and both times the Bank denied it. They say our home is worth more than we got the offers for. Looks like Foreclosure is our only option.. Bank Of America.. grrr.. Anyone have a judgment against them after they got foreclosed on??? What happened? Oh yeah, I am in Florida :(

Public Comments

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2. Lots of people do. They take the amount of money they gave you, and add the cost of the foreclosure. From that they subtract what they sell the house for or the fair market value, and you owe the rest. In the event of a short sale they take what is offered and you get to keep the difference. They loose a lot more money this way. If you can sell it for the FMV they may be able to offset their loss with tax payoffs and insurance, letting you keep all the money and owe nothing except for the income tax on the difference between what they gave you and what you sell for. Have your agent do a BPO for you, so you have an idea of what you need to require to get a short sale approved.