3 results for 'short sale'
...to home owners, SB 1137 now requires lenders to make their best attempts to contact a home owner and discuss the options available to help avoid foreclosure prior to filing a notice of default. This lender diligence period can and should included discussions regarding loan modification, short sale, deed in lieu of foreclosure and has added anywhere from fifteen (15) to ninety (90) days to the foreclosure process.
California Foreclosure Prevention Act - ABX2 7 and SBX 27
Aimed at mortgage servicers and lenders, ABX2 7 and SBX 27, known collectively as the California... (more)
...or foreclosure situation," rather she suggests "We are going to give them the properties to get out of the loan obligation." Doesn't that sound just like a strategic default? This bank practice of cutting losses and maximizing returns is not limited to commercial investments. In a recent short sale I had to personally inform one of my clients that the bank felt it was in their financial interest to foreclose rather than allow a short sale on their personal residence. I presented Litton Loan Servicing with an all cash offer, which would have allowed for a full payoff of the first... (more)
Most of us understand that when we borrow money to buy real estate we sign a document that requires us to pay back the money over time to the bank. Most borrowers loosely refer to that debt as a “mortgage.” When our most recent market bubble burst many Americans, unfortunately, became intimately familiar with what happens when they don’t make their mortgage payments - Foreclosure.
The Foreclosure process is different depending on the state in which you reside and the two different foreclosure processes have very different impacts and time lines. For instance, when JP Morgan... (more)
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