Randell J. Cornwall Attorney at Law gives advice to Sellers contemplating a Short Sale – Part 1
Patricia talks with Randy Cornwall Attorney at Law, at Harrison, Benis & Spence, LLP, about what Sellers need to know when considering a Short Sale.
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Duration : 0:6:24
CA Short Sales, You Don’t Have to Worry About a Deficiency Any More Because SB 458 Protects You!
http://bit.ly/zDGikF Recently passed in July 15, 2011, SB 458 protects homeowners in California who elect to do a short sale. According to this bill, senior and junior lien holders cannot pursue the borrower to sign a promissory note for the balance once they approve the short sale. http://bit.ly/zDGikF
Duration : 0:6:47
Short sale Maryland Laws?
We were renting a house in Maryland 4 months before the end of the lease the landlord told us he has to move back in would let us leave early with no charges. We thought he was having money issues so we kept our costs for the move down ie we didn’t pay to have the house cleaned,carpet etc we took a week after the first of the month and he would charge us for all this out of the deposit. Of which we later found He had never put it in an escrow account. He used it the day after we paid him for a gift his wife later told us about.
We did all that cause we knew he wasn’t going to pay us anything.
Now 2 months later we see the house is a certified short sale.
Can he short sale a house while we were still living in it. I understand he has to miss 2 months payments. That would mean the 1 week we were in the house & charged rent for he did t make the payment.
Can he do that?
I know some states don’t let you list a short sale for 6 month after a tenant has moved out and the owner must live in it. He still isnt living in it.
Would love to know who we tell this too if he is cheating the system?
his sale of the house for ANY reason, does not affect your lease.
[or month to month tenancy if that is applicable]
why not buy; it is cheaper than renting!?
Las Vegas Short Sale | Green Valley | The Myers Team | 3137 Regal Oak
The Myers Team with Caliber Realty Group are Nevada Short Sale Experts. For additional information, please visit www.NevadaShortSaleInfo.com
Duration : 0:1:30
Can anyone explain Michigan short sales law? ?
When exactly is foreclosure, before or after the redemption period
It is not at all clear what you are asking with regard to a short sales law. A short sale is simply a sale where the bank will come up short because they will not receive all the money that is owed to them. A short sale occurs when the bank agrees to take less than the amount owed by the buyer.
A foreclosure is like repossession. Everybody knows how that works with a car. Somebody just backs up to your car and tows it away. It is harder with a house and they can’t usually tow it away. They have to go through a series of legal steps even when the process is streamlined by implementing a trustee sale (commonly referred to as a foreclosure even though it is technically different–and simpler).
While a home is being foreclosed on, there is a redemption period when an owner can get their property returned to them by paying the money that they owe to their lender. Once a home has gone into foreclosure, many people get a mistaken notion that they will be able to successfully redeem the property and get it back, but it is usually just wishful thinking on the home owner’s part. Catching up on back payments becomes such a burden for most people that the hope of satisfying the bank and getting a home back is most often quite unrealistic and people who try to do it just end up losing more money.
Foreclosure is a time consuming process, mostly because of laws that safeguard the rights of home owners. Part of the seemingly long process involves waiting for statuatory redemption periods to expire. If a home owner is trying to avoid finalizing the foreclosure, it can often take a very long time–months certainly and more than a year is not uncommon. To someone who wants to buy such a property it will likely seem to take forever before it becomes available to purchase.
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