Indian River, Martin, & St. Lucie County
Copyright © 2009
All Homes 4 Rent & Sales, Inc
2400 SE Veterans Memorial Parkway, Suite 211
Port Saint Lucie, Florida 34952
Office: 800-732-4707 Fax: 800-792-6812
All Homes 4 Rent & Sales, Inc
2400 SE Veterans Memorial Parkway, Suite 211
Port Saint Lucie, Florida 34952
Office: 800-732-4707 Fax: 800-792-6812
Copyright © 2009
All Homes 4 Rent & Sales, Inc
2400 SE Veterans Memorial Parkway, Suite 211
Port Saint Lucie, Florida 34952
Office: 800-732-4707 Fax: 800-792-6812
All Homes 4 Rent & Sales, Inc
2400 SE Veterans Memorial Parkway, Suite 211
Port Saint Lucie, Florida 34952
Office: 800-732-4707 Fax: 800-792-6812
Q: Can you help us negotiate a loan modification with our lender?
A: A loan modification is not really a negotiation but rather an agreement between you as borrower and your lender about what you can afford to pay. You provide a current loan application and your lender will determine if there is a mutual benefit to lowering your mortgage payment by lowering your interest rate, lowering your loan balance and/or lengthening you repayment term. You can also pursue this option while also pursuing a Short Sale.
Q: My Bank has scheduled a foreclosure sale on my home in three weeks. Do I still have time to try a Short Sale?
A: Yes but call us right away! If we can get a Purchase Offer to your lender quickly, there is a good chance that they will postpone the foreclosure sale while they review our offer.
Q: Can I continue to live in my home while it is offered for sale?
A: Yes, you can continue live in your home throughout the marketing and escrow process up until the agreed close of escrow. If your lender completes a foreclosure, our Listing Agreement with you is null and void and matters of possession are between you and your lender.
Q: What is a deficiency judgment and how might it impact me?
A: A deficiency judgment is typically associated with a mortgage loan refinance or second mortgage in which cash equity is taken out of the property. This is in contrast to "Purchase Money" loans taken out when the home was acquired which for owner-occupied properties in California, are not subject to deficiency judgment. In a "cash-out refinance", the foreclosing lender can choose to foreclosue in the traditional and timelier process of a "Trustee Sale" or they can elect a more costly "Judicial Foreclosure" via a lawsuit in court which could allow the lender to pursue collection from the owner for balances owning after foreclosure. While first mortgage lenders who are foreclosing generally do not pursue judicial foreclosure, the issue of deficiency judgments are more likely with 2nd mortgages lenders who, based on their estimate of the property's value, elect to pass and not foreclose and instead let the first mortgage lender foreclose, thereby preserving their own ability to file a lawsuit against the owner after the foreclosure for the balance owing.
A: A loan modification is not really a negotiation but rather an agreement between you as borrower and your lender about what you can afford to pay. You provide a current loan application and your lender will determine if there is a mutual benefit to lowering your mortgage payment by lowering your interest rate, lowering your loan balance and/or lengthening you repayment term. You can also pursue this option while also pursuing a Short Sale.
Q: My Bank has scheduled a foreclosure sale on my home in three weeks. Do I still have time to try a Short Sale?
A: Yes but call us right away! If we can get a Purchase Offer to your lender quickly, there is a good chance that they will postpone the foreclosure sale while they review our offer.
Q: Can I continue to live in my home while it is offered for sale?
A: Yes, you can continue live in your home throughout the marketing and escrow process up until the agreed close of escrow. If your lender completes a foreclosure, our Listing Agreement with you is null and void and matters of possession are between you and your lender.
Q: What is a deficiency judgment and how might it impact me?
A: A deficiency judgment is typically associated with a mortgage loan refinance or second mortgage in which cash equity is taken out of the property. This is in contrast to "Purchase Money" loans taken out when the home was acquired which for owner-occupied properties in California, are not subject to deficiency judgment. In a "cash-out refinance", the foreclosing lender can choose to foreclosue in the traditional and timelier process of a "Trustee Sale" or they can elect a more costly "Judicial Foreclosure" via a lawsuit in court which could allow the lender to pursue collection from the owner for balances owning after foreclosure. While first mortgage lenders who are foreclosing generally do not pursue judicial foreclosure, the issue of deficiency judgments are more likely with 2nd mortgages lenders who, based on their estimate of the property's value, elect to pass and not foreclose and instead let the first mortgage lender foreclose, thereby preserving their own ability to file a lawsuit against the owner after the foreclosure for the balance owing.
