Re: Some good foreclosure news
Posted by Ethan on September 25, 2007 at 22:02:42:
In Reply to: Re: Some good foreclosure news
Posted by OC Andy on September 25, 2007 at 19:23:18:
Thanks for the info! The thing I don't get is that if they approve a short sell, which my neigborhood's property value has gone down hill, would it be more beneficial for the lender to forgive a certain amount of debt say $50k instead of short selling the property since the value of my house has dropped about $80k? You've also menioned the deficiency judgement is moot? Why is that? I've done my research under California laws in regards to foreclosure, it clearly stated that no deficiency judgment are allowed after lender foreclose the property IF, under certain conditions that A. if the original loan has never been refi, meaning it's still a money purchased loan, a non-recourse loan. B. an owner occupied property. I'm assuming you're from OC orange county in Southern California so we're under the same protection. Make sense?
Follow Ups:
- Re: Some good foreclosure news - OC Andy 22:50:41 09/25/07
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