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UpsideDownRealEstate.com
Short sales, Deeds in Lieu of Foreclosure, Loan Modification 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 nd 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
to see our San Diego Short Sale Listings click here.
Short Sales, Deeds in Lieu of Foreclosure and Loan Modifications.
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Last Updated ( Friday, 14 November 2008 )
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