Will the bank waive a deficiency in a foreclosure?
In every case we handle, we ask the bank to waive a deficiency. Although there are no guidelines for when a bank will offer a waiver of deficiency, there are some reasons why a bank may choose to do so. Banks may waive a deficiency if a person cannot afford it or if there's an insured loan. Banks may also have their own agenda and may not have a problem giving out a waiver of deficiency.