What Buyers Need to Know When Purchasing Short Sale Properties?
If you’ve browsed through property listings online, it’s likely you’ve run across a “Short Sale” label on some. This label might not mean much to you as you look at other aspects of the home, like the space, how many rooms or its location, but if the home becomes one that you’re interested in, it can affect […]
What is a Short Sale in Real Estate?
What is a Short Sale? A short sale is a sale of mortgaged property where the proceeds from the sale are insufficient to pay in full the seller’s outstanding mortgage and any other liens against the property and the seller lacks sufficient other assets to pay the remaining amounts due on the secured debts. Because […]
Should I Shut Off My Utilities if I Vacate the House?
As the owner, you are still responsible for what happens on and to the premises. In wintertime, the owner is responsible for preventing damage from frozen pipes. If the owner is unable or unwilling to pay for heat, then the house should be winterized. If the owner is unable to pay for the cost of […]
Will the Bank Forgive My Debt on a Commercial Property or Vacation Home?
The pandemic’s financial ripple effect has been particularly hard on commercial real estate. Facing shortfalls in revenue, tenants in the hospitality and retail sectors have fallen behind on leases, sharply curtailing cash flows for their landlords, who have been experiencing difficulty staying up to date on their loans. Amid the downturn in consumer spending, retail […]
I’m on the Deed But Not on the Mortgage. Will the Mortgage Company Come After Me?
There are situations where not all of the people on the deed are on the mortgage too. The lender can pursue the people who signed the mortgage and note. All of the owners of record will be notified about the foreclosure sale. Below are examples of actual situations we have seen. The names have been […]
Can a Sheriff’s Sale Be Delayed?
Yes, a Sheriff’s Sale can be delayed, also known as stayed, either at the request of the lender or upon a stay granted by a judge. In some states, the it can be delayed up to one hour before the bidding at a foreclosure sale. Note that some states do not have it but some […]
What is a Bank Walkaway?
A bank walkaway is a situation where the mortgage lender decides to charge off a defaulted loan and cancel a foreclosure action. The lender might do this if they deem that it would cost more money to foreclose and take back the property. This bank walkaway phenomenon began in earnest in 2009. Detroit and Chicago […]
WHAT THE BANK CAN AND CAN’T DO DURING A REAL ESTATE SHORT SALE?
Will My Bank Allow Me To Do a Short Sale if I’m Current on My Mortgage Payments? Not all short sales involve sellers who are delinquent on their mortgage. Some banks will consider a short sale for a person who is current on their mortgage if there is a legitimate hardship and a documented decline […]
I’m Behind on My Mortgage. Should I Move Out or Stay in the House?
In many cases, it is wise for a homeowner to stay in their house. Many people who are behind on their mortgage payments have an unfounded fear that they will come home one night to find their belongings removed and their door padlocked. Banks prefer to have someone, particularly the homeowner, stay in the house. […]
What Causes Delays in a Short Sale?
Short sales are often referred to as long sales. Many sellers, buyers, and real estate agents find that short sales may take much longer than initially expected. 1.) The seller does not submit the paperwork their mortgage lender requires to evaluate the short sale. 2.) The mortgage lender’s staff is inundated or disorganized. 3.) The […]