BB&T will usually not waive the deficiencies in a short sale if they own the loan (if they are servicing the loan then there is a chance that the deficiencies will be forgiven). Like most smaller or regional banks and credit unions, they simply cannot afford to forgive all of the deficiency in a short sale. After all, they are not Fannie Mae.
On a loan owned by BB&T they usually give you three choices, the best of which requires a cash contribution of half the deficient amount. The other options involve a cash contribution and a promissory note. There are a large number of lots out there with BB&T owned mortgages that are now worth a fraction of the mortgage amount, much less the original purchase amount. In a short sale situation there usually is not an opportunity for a good result….unless BB&T offers the property owner a buyout.
BB&T has several types of buyout offers that just show up in the mailbox. We have not been able to obtain a buyout upon request or figure out who gets them and why. However, if you receive a buyout offer in which they are asking for a small fraction of the mortgage amount, take it. Borrow the money if you have to. Sometimes these are associated with short sales but often they do not even require a short sale. If the property owner comes up with the money himself that is fine….and the property owner can actually keep the property. Go BB&T!