Foreclosure prevention is indeed a tedious task. But with perseverance, drive and persistence, it is totally achievable.
Here's a short sale that we closed today: 300 198th Place SW, Bothell, WA 98012
We had a record-breaking processing time Short Sale Approval: 21 Days
Lien-Holder: JPM Chase
Investor: "Sliced and Diced Loan"
Foreclosure prevention is indeed a tedious task. But with perseverance, drive and persistence, it is totally achievable.
Here's a short sale that we closed today: 300 198th Place SW, Bothell, WA 98012
We had a record-breaking processing time Short Sale Approval: 21 Days
Lien-Holder: JPM Chase
Investor: "Sliced and Diced Loan"
A deed of trust is foreclosed in two ways: Judicial Foreclosure or Non-Judicial Foreclosure; the latter is more commonly known as Trustee’s Sale Foreclosure. Nearly all the foreclosures that occur in the State of Washington is a Non-Judicial Foreclosure.
Given this fact, we will elaborate on Non-Judicial Foreclosure: When a borrower defaults on the loan, the Lender, who is the named Beneficiary on the Deed of Trust, causes the original Trustee to resign and a Law Firm is usually appointed as the new Trustee. A notice of Trustee’s Sale is then filed stating that the subject property will be auctioned off or sold in 120 days after the Notice date.
The property is then wiped off of any junior liens and is sold to a third party Buyer. If the proceeds from the sale satisfies and exceeds the amount owed to the First position Lender, the remainder is used to payoff the 2nd and/or 3rd position Lenders and in that order. In today’s depressed market, the sales proceeds are usually not enough to payoff even just the First Lender.
In cases wherein there is more than one Loan on a property (For instance having a 1st and a 2nd Lender, sometimes a 3rd Lender), and although the Lender in second (or junior) position has every right to foreclose, it is usually the Lender in the first position who commences a foreclosure proceeding.
In a Non-Judicial foreclosure, there’s NOT a provision that provides the foreclosing Lender for a Deficiency Judgment. Therefore, the lender can NOT come after the borrower for the difference between the sales proceeds and the amount owed. HOWEVER, a foreclosure proceeding does NOT remove the right of Junior Lenders to come after you for any amount you still owe them. In simpler words, you can have a foreclosure on your record, and could still end up owing a large chunk of cash and be hounded by your 2nd and 3rd Lenders. This includes the risk of having your savings and wages garnished in the worst case situation.
In view hereof, there is a better way to mitigate your debts (from all your lenders), preserve your credit, and possibly come out NOT owing any money at all! --- I will elaborate on this on my next post.
For the meantime, if you have any urgent concerns or questions, please e-mail me at realestate@carlodelizo.com or call me at (425)444-1010. Take care.
MISSION STATEMENT: Our goal is to procure maximum equity for our Buyers and Investors by searching for the best home bargains. Our area of expertise include Foreclosures, REO or Bank-owned homes, Short Sales or Pre-foreclosures and Fire Sales. BY BRINGING THE BEST DEALS TO OUR BUYERS & CONNECTING THEM WITH SELLERS WHO ARE IN DIRE NEED TO SELL, WE ALL BECOME A PART OF THE SOLUTION.
Simple: Hire one of the most versatile & knowledgeable Short Sale Specialist in town. As a Short Sale specialist, I can inform you of any short-sale properties that I facilitate BEFORE they even hit the market. – As if you have a VIP access pass to these properties before the public even finds out about them.
Call (425) 444-1010 to join our FREE EXCLUSIVE FORECLOSURE /SHORT SALE TOURS. We can ONLY accommodate 4 Buyers to work with exclusively. Applications are accepted on a first come, first serve basis.
"Your Resource For Saving Thousand$ When Buying Or Selling."
Carlo Delizo - Residential & Commercial
Cell: (425) 444-1010
E-mail: realestate@carlodelizo.com
RE/MAX Mutual Realty
Hopefully, you’ll never have to go through either one. But when faced with two bad choices, it would be wise to choose the lesser of two evils. To bluntly share my opinion, foreclosure should be avoided at all costs as it will prevent you from qualifying for another loan for at least 7 years in most cases. There are other options; and the most common last ditch effort to prevent foreclosure is a short sale. When all else fail like Loan Modification, Forbearance, Deed-in-lieu, et.al., you need to act fast and hire a knowledgeable Agent to walk you through the perils of a short-sale work out. TIME IS OF THE ESSENCE in a short sale!
A short sale is negotiating with your lender to release the lien on your property to allow you to sell your home for less than what you owe your lender. While outcomes vary with each situation, a successful short sale yields similar benefits to the borrower: First, you would qualify for another mortgage again in as little as 2 years. Second, you will do less damage to your credit score since creditors regard short sale as “settled for less than amount owed”. Third, your credit would still be good enough to pass credit screening for an apartment provided you have kept up on your other bills.
So, which is which, Short sale or Foreclosure?
"Your Resource For Saving Thousand$ When Buying Or Selling." Carlo Delizo - Residential & Commercial Cell: (425) 444-1010 E-mail: realestate@carlodelizo.com RE/MAX Mutual Realty
