Archive for the ‘Auction’ Category

What Are First Position Short Sales And How Are They Handled In WA State?

Monday, March 26th, 2012

Hello, I am Dennis Pearce with Pickett Street Properties, and I am Jesse Moore with Pickett Street Properties as well and we’re Seattle’s main short sale team. Today we are going to speak about liens and lienholders and what the debt seems like once we stack it up in one of these short sale negotiations.

One of many issues that is going to determine if it’s going to be a simple process or a tougher process is how many liens you might have on the property. So whenever you bought the property did you get simply the primary mortgage, did you set a significant of money down or did you get a second mortgage to make up the difference?

Most commonly what we’re used to coping with is first position liens that is your original mortgage, a second purchase money lien or a second home equity line of credit. So let’s start with the first position short sale. If you’re fortunate to only have one lien on your property that short sale process is fairly easy. The reason that is essential is as a result of we have a scenario that makes it straightforward to negotiate as a result of we are able to apply pressure to the lien holder if you’re only a one lien holder mortgage.

Washington State is a non-recourse or non-deficiency state. What that means is on an original purchase money loan and on an owner occupied property, if the bank forecloses on you, they can’t pursue you for the deficiency for the balance of that loan. We use that as leverage when we negotiate a short sale. We mainly inform the bank they may foreclose on this property and get what they will at auction and don’t have any recourse to go after the borrower for any further funds. Additionally, they are going to net about 15% lower than they would going by a short sale.

The benefit that we’re proposing to them is mitigate their loss and get this short sale offer that they’ve approved. In addition to that we want you to waive the deficiency. In case you are thinking about a short sale, or you find yourself underwater, and also you only have one lien on your house, you’re in a very good state of affairs and we can help you with that. Once more, we’re with Pickett Street Properties, Seattle’s main short sale crew and we’ll talk to you soon.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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A Deed In Lieu Will Not Guard You In The Future Like A Short Sale Can

Wednesday, February 1st, 2012

Well hello everybody my name is Matt Fetick with Sold By Short Sale, Delaware’s leading short sale specialist, thanks a lot for joining me today. My team and I specialize in short sales inside the Wilmington area and I update my blog often to help educate owners in the neighborhood on their options for avoiding foreclosure. If my blog is useful, or if you want some extra information, feel free to browse my web site or give me a call to discuss your options.

For my weblog in the present day I wanted to discuss the choice of a deed in lieu of foreclosure. When you’ve got ever thought of mailing the keys to your home back to your bank because you are unable to make your payments you have thought-about a deed in lieu. Because your bank doesn’t actually own your own home a deed in lieu of foreclosure is necessary to be able to give the financial institution the rights to your home. This requires you the homeowner to sign the home over to your bank instead of waiting to enter in to foreclosure. This can be a good possibility for some folks however it doesn’t settle any unpaid balance that is owed on your mortgage. Even when your financial institution sells your private home at auction you’ll be able to still be chargeable for the difference between the selling price and the amount that was owed. In going through the short sale process we are able to negotiate together with your financial institution with a purpose to have these deficiencies waived to protect you in the future. If you have any questions on the short sale process please visit my website or contact me directly to arrange a free consultation. Our staff of short sale specialists wants to help get you out from beneath your distressed property and move on together with your life. Thanks for time at this time and I look forward to hearing from you soon.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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