Excellent Resource for learning about short sales, foreclosures, and related info.
http://www.foreclosureradar.com/forum is a great place to learn about foreclosure investing and related topics.
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9 comments to Excellent Resource for learning about short sales, foreclosures, and related info.Leave a Reply |
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Here’s an excerpt from ForeclosureRadars Forum:
Can anyone demonstrate, unambiguously, how a short sale benefits a distressed homeowner more than a foreclosure?
Submitted by bjc21 from – 05/05/2008 – 1:55pm
http://www.foreclosureradar.com/forum/realtors/representing-home-sellers-shortsales/can-anyone-demonstrate-unambiguously-how-short-s
An attorney offers the opinion that once the NOD is filed, the credit damage is done. He further opines that with hundreds of thousands of foreclosures, there has never been a better time to for a homeowner to walk away. The credit damage bogeyman is a scare tactic promulgated by the lending industry which, by the way, is mostly responsible for this mess. Foreclosures are happening to doctors, real estate brokers, and, yes, attorneys. These homeowners are not deadbeats or bums; they are reputable citizens in trouble. What? Says the attorney, is the lending industry going to refuse loans to these people when they show up in a couple of years with 20% down. The lending industry needs these people to saddle with more loans. The attorney further offers this accusation: the folks most benefiting from short sales are real estate agents and lenders. Homeowners receive no demonstrable benefit from a short sale vs. foreclosure.
You are not watching this post, click to start watchingForums: Representing Home Sellers (Shortsales).Comments
replySubmitted by Sean – 05/05/2008 – 4:27pm
That attorney is frankly nuts, and feel free to refer them to me to debate it. Let’s start off with the very simple fact that if the 1st mortgage forecloses the borrower remains liable for the 2nd mortgage. Yes, the 2nd loses their security interest in the property, but they have not given up any rights to collect the debt from the borrower themselves.
And in states that allow deficiency judgements even on the foreclosed loan a shortsale can save the borrower from years of debt collectors and potentially even bankruptcy.
By negotiating a shortsale, the borrower can be confident that this is completely behind them aside from a lower credit rating.
That said I agree that there is a lot of fear mongering and misinformation out there and that some of it is an attempt to scare homeowners into making bad decisions – providing balance to that is one of the primary reasons for this site. I also don’t think having a foreclosure is catastrophic — but I firmly believe that keeping a seat at the table and trying to get a short sale done is in the borrowers best interest.
Counter arguments anyone???
Я конечно, прошу прощения, но не могли бы Вы дать немного больше информации….
http://www.foreclosureradar.com/forum is a great place to learn about foreclosure investing and related topics…..
Абсолютно с Вами согласен. Идея отличная, поддерживаю….
http://www.foreclosureradar.com/forum is a great place to learn about foreclosure investing and related topics…..
Не могу сейчас поучаствовать в обсуждении – очень занят. Но вернусь – обязательно напишу что я думаю по этому вопросу….
перевозок Руководитель http://www.foreclosureradar.com/forum is a great place to learn about foreclosure investing and related topics…..
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http://www.foreclosureradar.com/forum is a great place to learn about foreclosure investing and related topics…..
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