Selling Before Foreclosure

This is the place to discuss how and why you should work to get your property sold before the foreclosure auction. What are the advantages and disadvantages of a short sale vs. a foreclosure. How will it affect your credit and taxes.
Submitted by Mandi from NV - 02/10/2012 - 12:33pm

We purchased a home in 2004, refinanced in 2006 (Nevada), both times avoiding the required mortgage insurance (refinancing with enough perceived equity in 2006 allowed for this). The house is now $150k under water and after some financial hardships we decided to pursue shortsale. BOA sold our loan to SPS Portfolio Servicing 1.5 years ago (likely for pennies on the dollar) and at first they were easy to work with (we received a letter stating they would not pursue any deficiency judgements if we reached an agreement on a shortsale).Read more

Submitted by Kevin Roberts from CA - 02/06/2012 - 7:00am

As a investor I'm looking for properties that have loan amounts up to LTV 110%
Will buy SFR, Condos or Units up to 1-4 . Yes you can avoid the short sale and keep your credit.
Investor/Broker CA DRE 00858916 Kevin Roberts 925-766-7713

Submitted by Joe from SC - 01/22/2012 - 6:11am

Hi, looking for some advise, Purchased invesment property in Myrtle Beach South Carolina with a partner in 2007, Paid $150,000 for it and have been making all payments, Property is worth $20,000. I do not see the value ever getting close to purchase price in the next 10 years. Home owner fees and taxes are making this very ugly to continue to keep. What will happen if I stop making payments.

Thanks,Joe

Submitted by Susan from AZ - 12/15/2011 - 10:11am

I live in Arizona. I short sold my home last year and now Chase bank is after me for the balance. I thought there is a law in Arizona that they cant come after you for the balance?

Submitted by Kevin Roberts from CA - 11/22/2011 - 7:08am

Due to the delay in auction homes I need homes to purchase today.
Call me Kevin Roberts 925-766-7713

Will buy in any Bay area County

www.ContraCostaProperty.net

DRE BROKER CA 00858916

Submitted by mart from AZ - 08/28/2011 - 11:29pm

I am going through Short Sale negotiations and have a buyer at 100,000. My first has agreed to take 97,000 of the sale, the 2nd is a BofA Heloc for 60,000, who gets the other 3.Read more

Submitted by Jeffrey Hare from CA - 07/16/2011 - 9:17pm

CAR and several Short Sale agents are excited that the Governor signed SB 458 on Tuesday, extending anti-deficiency protection to homeowners with Second Mortgages under CCP 580e (added by SB 931 last year). This may be a case of "be careful what you ask for," in that there is no incentive ... and certainly some disincentives ... for Lenders holding 2nd mortgages to cooperate in a Short Sale. Lenders are expressly prohibited from asking for a contribution from the borrower. And, SB 458 provides no protection for investors who own property in a corporation, LLC, or limited partnership.Read more

Submitted by Michelle from CA - 06/22/2011 - 9:04am

If you are going to try to make an educated decision about your current home and loan you absolutely need to understand the terms of the existing loan. A recent article reported that a sizable portion of the population remains financially ignorant. http://www.huffingtonpost.com/2011/06/09/financial-ignorance-and-denial_...Read more

Submitted by S Montgomery from AZ - 05/11/2011 - 4:31pm

We have 3 loans, the first mortgage about $120,000, the HELOC about $90,000, and the 3rd SBA (Attached when we received a SBA loan to open a chain restaurant) about $220,000. We opened the restaurant in Q1/2008 - the economy dumped in Q3/2008 - we went through everything we had trying to last through the recession but finally had to close the doors. Now we have no money, no credit, no income at all. All 3 loans are threatening foreclosure. Without the SBA loan we could possibly break even on the sale of our house. Question is: Can the SBA loan stop a sale of our home?Read more

Submitted by sanane from CA - 03/23/2011 - 9:07am

Lazer epilasyon giderek girişimci ve kariyer arayanlar ile popüler hale geldi bir sektör. Bu çıkarılması, hızlı ve teknolojik açıdan gelişmiş kolay bir işlem haline gelmiştir olduğundan, istenmeyen tüylerden ile çok kolay bir estetik düzeltmedir. kaldırma farklı tipteki ekipmanlara bugün piyasada bulunmaktadır.Read more