Can my mortgage company foreclose during my short sale?
The answer is yes, they can start foreclosure, but why would they do it? This is normally a situation where one hand doesn’t know what the other is doing. The bank/ mortgage company/mortgage servicer can start a foreclosure proceeding at any time once the homeowner goes into default. Normally, a homeowner starts the short sale process once they have already defaulted, so the foreclosure process can begin at any time. Read the rest of this entry
Condo Associations Million Dollar Windfall!
NOT SO FAST
Recently I read an article about a foreclosure in Aventura, Florida. Actually there were two foreclosures. The first one was a foreclosure by the condominium association. This foreclosure came about because the owner stopped paying his homeowners fees on his million dollar condo. Naturally, the condo association foreclosed, obtained title to the property and proceeded to rent the condo out. Read the rest of this entry
What is the “Best Result” of a Short Sale? – Part I
Mitigating the Borrower(s)’ damages is the ultimate objective of a Short Sale. Are you aware each individual that signed the Promissory Note is responsible for the entire financial obligation. Actively pursuing and successfully closing a Short Sale does not mean the financial obligation has been canceled or the Borrower(s) is released from the obligation. An improperly facilitated Short Sale has the potential to create additional and continuing financial obligations for the Borrower(s) which is contradictive to the intentions of participating and pursuing the loss mitigation option. Read the rest of this entry
Do you really know what a “Short Sale” means?
The term “Short Sale” has become increasingly too familiar in today’s modern vocabulary due to the down turn we have experienced in the real estate market. Dictionary.com defines Short Sale as a noun: “an act or instance of selling short”. Read the rest of this entry