Learn if a Short Sale Is Right for Your Situation
Unlike an equity sale, where the goal is to sell the property at the highest price, the goal in a short sale is to avoid foreclosure by bringing in the highest amount of offers in the least amount of time. Properly pricing the property, effectively marketing via the MLS, and thorough communication and availability to the agent community is key to obtaining the goal at hand - avoiding foreclosure!
When you don't know where to turn, you can rely on Financial Relief Law Center, APC to provide you with the answers to make the right choice. Call us at (949) 570-5466 today.
“Having Amanda by my side in court took away a lot of my fear and thankfully my debt was discharged in August 2019. If you are thinking of filing for bankruptcy give Financial Relief Law Center a call.”- Aubrey M.
Second Mortgages, Tax & HOA Liens
Second mortgages include home equity loans and lines of credit. They're subordinate to the primary mortgage used for buying or refinancing a mortgage against a home. When a primary lender forecloses its mortgage loans, second mortgages are wiped out. This may encourage secondary mortgage lenders to reduce or release their liens for completing a short sale. While these liens affect title and will sometimes be paid by the lender through the short sale, most times they are not. If you are past due on your HOA's and liens have been filed, it will be necessary to have these amounts settled and may require board approval.
Tax liens personal in nature, can often be released from the property, however the process of lien removal often takes 30 to 60 days. It is important to know about these items prior to beginning the transaction in an effort to avoid unnecessary delays.
These delays could result in foreclosure or loss of interested buyer if they cannot be worked out. Additionally, Super Liens can follow your sellers long after the short sale is complete. We will negotiate the terms of the short sale and all liens attached to the property.
- 90 days of no payments: A Notice of Default is filed and posted on the front door of the property. This notifies any prospective buyers there is a cloud on title and may require additional steps to purchase.
- 91 - 120 days of no payments: A Notice of Trustee Sale is filed and posted on the front door. This notice will provide you with the delinquent amount that you must pay in order to stop the foreclosure sale, typically set within 21 days of this notice. The date, time, and place of the sale is also included in this notice.
- 141 days of no payments: Unless you are working with your lender in advance of this, they have the right to sell your home at the trustee sale. The home may be sold to a willing third party in which case relocation assistance is often times not available, or may go back to the bank in which relocation assistance may be available. You will have time to look for a home to relocate to and this window of time will vary based on who takes new ownership.
Lenders will typically work with you if you are willing to work with them. They are in the business of lending money, not buying or selling homes or owning homes.
Cost of Short Sales & Relocation Assistance
As a general rule, the short sale does not cost the seller anything. There is zero out of pocket cost and the seller brings no money to closing. When you close, you may be eligible for relocation assistance.
Learn more about short sales in Orange County and how our attorneys may be able to help you. Contact Financial Relief Law Center, APC. Se habla español.
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