When a property owner becomes delinquent in their house payments they can attempt what is known as a short sale. A short sale indicates that the proceeds of the sale will not cover the debt on the house, indicating the lender will be taking a loss. The question then becomes how much loss is a lender willing to accept? Or is the lender likely to make more money by allowing the house to be foreclosed on and take it to auction? Negative Equity If a home was purchased in the last couple of years, … [Read more...]
Foreclosure – It Happens
November 30, 2007 By 1 Comment
A few days ago we looked at the number of properties that were in some stage of foreclosure in the City of Pasadena. With so much talk these days about the increasing number of foreclosure's we thought we would attempt to explain the process for a property that goes into default. To get a good understanding of what's involved, we need to first explain what happens when you purchase real property. In California we use a deed of trust. Other states may use a mortgage. The deed of trust provides … [Read more...]
What You Have To Say