Tuesday, July 17, 2012
Here’s a Ventura County Short Sale Question: Can I Short Sell My Home If I Have More Than One Mortgage and a Lien?
All the mortgages on the property will have to be satisfied before you can give clear title to the buyer. But the most important negotiation is the one which has to be made with the lenders; which will be two or three in case of multiple mortgages on your home.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Negotiating with two or more lenders might seem to be an intimidating task. But, you do
have a strong negotiating position because second mortgages typically receive nothing if the home is foreclosed by the primary lender.
It is also possible for the first mortgage company to reject a short sale offer if they thinks that they can do better with a foreclosure. Most second mortgages lien on the property is wiped out in a foreclosure.
They will opt for that if the second mortgage is demanding to much money to approve the short sale. A second or third mortgage is called a junior mortgage.
(Third mortgages are rare. We have never seen a fourth mortgage on over 100 short sales we have worked on.)
The junior mortgage received a much smaller percentage of whatever they are owed. Most of them agree to the short sale with them being paid $3,000, and sometimes less than that.
The easiest second mortgage negotiations are short sales of piggyback loans. A piggy back loan is the junior mortgage when a single bank issues two mortgage against the same house.
This was very common during the housing boom. The loan officers at many banks offered this combination to borrowers. The costs were usually lower than getting just one mortgage and the banks agreed to the loans.
This piggy back loan is the second mortgage which is written off by the same lender as of the first mortgage. In this case the realtor or the home owner will be able to negotiate with a single person at the bank that is handling the two loans. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this,
Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823. firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist,
Certified Distressed Property Expert
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Ventura County CA Short Sales. Stop Foreclosure in Ventura County, Certified HAFA Specialist, Moorpark Short Sale Specialist, Thousand Oaks Short Sale Specialist, Westlake Village Short Sale Specialist , Newbury Park Short Sale Specialist, Camarillo Short Sale Specialist , Simi Valley Short Sale Specialist, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. CA. DRE 10501699.You can find Ventura County Short Sale Specialist, Realtor, at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Chris also specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County Short Sales.
Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, www.theshortsaleguide.com ,
Certified Home Affordable Foreclosure Alternative Specialist . Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure.
You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.
For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also seehttp://venturacountyshortsalerealtor.com/?p=1066.
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Loan Mod vs Short Sale Click here.
Income Property Info Click here.