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UpsideDownRealEstate.com
Short sales, Deeds in Lieu of Foreclosure and Walk Away Plans
Attorneys and Realtors working for You
Get started on your solution today:
Discuss your options, including short sales.
1. Just fill out your upside down analysis;
2. Then give us a call at (800) 608-8311, or if you prefer, we will call you.
3. Start preserving your future.
Our solutions will be customized for your situation. For some homeowners, particularly ones in California with non recourse loans, a foreclosure (not that a foreclosure is our goal) could and frequently does lead to a better financial outcome than a short sale. For other homeowners a properly negotiated short sale with documented legal releases could lead to a better outcome than a foreclosure. (If you have purchase money loans and you agree to a short sale, you may set your self up for a huge tax bill from the state of California. That tax bill would not be due if you negotiate a short sale or accept a foreclosure.
Do not let a Realtor talk you into something foolish, know your options.
Note as of 02/02/2008 - Many seconds are now completely wiped out; Yet, many if not most short sales are not closing because the second lien holders are demanding a great deal of money to release their liens. Why? Because lenders like Bank of America go after the seller for most if not all of the loan. Do not risk your assets, perhaps 25% of your salary and your future by starting the short sale process until you know how to protect yourself from sold out juniors.
As of 05/24/08 - now more than half our contacts are from people trying to put their situation back in order after the second lien holders have refused to negotiate away their liens. (Do not even think about doing a short sale with Bank of America without the help of a lawyer and watch out for Ocwen and GMAC and lately even Countrywide is getting tricky on some deals.)
We can suggest multiple strategies which can work. But, the best strategies must be deployed before you start the short sale process. To learn more, just fill out our Upside down analysis.
Even if your short sale is approved, you may still be liable for a deficiency. Realtors are not trained nor licensed to handle the short sale paperwork. Many lenders send instructions to the escrow agent or closing agent which release the lien but not the underlying obligation. Other lenders request the seller sign notes or reaffirm obligations. Others, do not even address the homeowners obligations for the loans.
Before you agree to do the short sale make sure you get a legal opinion in writing that you are being released by the lenders from the underlying loan obligations. The loan forgiveness legislation passed in Decemeber did not release you from the deficiency balances on the loans nor did it relieve you from paying taxes to the state of California.
Protect yourself and your Realtor make sure you have a lawyer on your team. Use the law to your advantage.
To find out more about short sales, deed in lieu, foreclosure and more, click here
Pre-Foreclosures-Real-Estate.blogspot.com or
http://san-diego-short-sales.blogspot.com
We have attorneys licensed in CA, FL and Co. We are working with homeowners all over California and Florida. Our lawyers do the legal work and Realtors do what Realtors do best. (price and sell real estate.)
John E. McConnin
Attorney at Law and Real Estate Broker
McConnin & Company Realty
San Diego California
john@favoriterealestate.com
800.608.8311
Short Sales, Deeds in Lieu of Foreclosure and Pre-Foreclosure solutions.
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Last Updated ( Wednesday, 30 July 2008 )
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