Questions about Foreclosing and short sale of a Home?

Posted on August 29, 2010 by admin
Fred T asked:


I have several questions regarding a foreclosure and short sale…

1. Will there be a problem when you foreclose a home with an existing equity loan?
2. Is there any legal problem when you foreclose your home with current loan/mortage, and with equity loan?
3. Is there California law that prohibits a home owner from foreclosing his/her home?
4. Do you have to justify when foreclosing a home with an original loan currently being paid for on a monthly basis? How about a home with higher loan due to equity loan added to the original loan amount?
5. Lastly, how do you put your house in a short sale with existing equity loan? Is there any legal problem when you put your home in a short sale with current loan mortgage, plus with equity loan?

Thank you for any answers you can provide.

Florence

Share and Enjoy:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Fark
  • Furl
  • LinkedIn
  • Ping.fm
  • Propeller
  • Reddit
  • StumbleUpon
  • Technorati
  • Tumblr
This entry was posted in Renting & Real Estate and tagged , , , , , , , , . Bookmark the permalink.

2 Responses to Questions about Foreclosing and short sale of a Home?

  1. realtor.sailor says:
    August 30, 2010 at 11:27 am

    Diane

    I’ll try some answers, but your questions don’t make sense. Are yo a mortgagee or mortgagor?
    1. All junior liens are eliminated in a foreclosure
    2. See number 1
    3. Does not make sense. Do you understand foreclosure?
    4. ?
    5. Both mortgagees would have to approve a short sale.

    realtor.sailor

  2. whitetailclubofamerica says:
    September 2, 2010 at 7:41 pm

    Carlos

    landcontractbuyouts.com- This guy has a group of wealthy investors at his fingertips. Check them out
    and recieve your money in 2-3 weeks.

Leave a Reply