Archive for the ‘Child Support’ Category

What Is A Judgement And How Will It Have An Effect On A Short Sale On My House?

Monday, April 16th, 2012

Hello, I am John Sellers with, certainly one of Southern Oregon’s main short sale teams. Let’s talk about one of the road blocks to short sales that can really mess things up. That’s judgments. The banks are willing to pay 2nds off as a percentage, they’re prepared to pay realtor fees, and back taxes. Those are the traditional issues you’ll see them paying. All the closing costs, realtor fees, back taxes, however judgments, we’re seeing they virtually never will pay. So what would a judgment seem like? Maybe A child support judgment that went against the property.

We not too long ago had a transaction and we got the offer accepted and there was a judgment for a credit card that was connected to the house in the way in which of a lien. They weren’t keen to release that and the lender just isn’t prepared to pay that judgment. So that short sale fell apart because of the judgment and therefore we were not able to proceed. So these are one of the things that you actually need to worry about in the event you’ve got judgments, you could need to try to negotiate with them earlier than the short sale process to see if they’re going to take less.

So for example for those who had a credit card that was owed $9,000 someway it went and you have got it sitting there right now. You may typically settle those for 10, 20 or 30 cents on the dollar should you do it upfront. However, they don’t have any incentive to take that off your property as a result of if they really get the lien connected to the home, there’s really no incentive. Whether or not it’s connected or not they will come after you in the long run. So you want to try and settle that upfront.

Should you’re serious about short selling your house, give us a call at this time or drop us an email. We’d be pleased to speak to you concerning the pros and cons and how it may work for you. Again, we’re, considered one of Southern Oregon’s leading short sale teams and we’re here to help. Thanks and have an amazing day.

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

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