1. Short Sale Basic: To do a short sale, all lien holders must agree in writing. If they All do, then they can NotT come after you for a deficiency judgement. This applies to ANY loan. This law is good for all short sales in CA thru 2013. This great law may not be extended, we will not know until...the end of this year!
Do your short sale now.
2. Foreclosure - Usually its the first lien holder who forecloses. Any balance money notneeded to pay back 1st lien in full then goes to the 2nd lien holder, and isf any left to the 3rd leien hodler. In CA, the Deed of Trust states the holder only gets the house OR the money, not both. So 1st usually goes away, but those pesky 2nds and 3rds can come after you.
Try a short sale. Its best. Call me with any more questions, been doing this for quiet sometime.
PS- new law CAR is trying to get approved......If you have a PrerApproval short sale letter from all Lien holders..they can not foreclose on you. At this time, the short sale is never complete until the lien holders receive AND accept the money paid to them. You want your escrow to confirm this.
The best way to track a house not on the market is to work with a Realtor, who can keep watch daily for that property or others that are similar in the neighborhood that may come on the market. I happen to work that market in Marin County and would be happy to help you. Give me a call.... more
The last sale there was 18 Chapel Cove that sold for $1,800,000. It wasn't quite the asking price of $1,895,000. It was on the market before but this time it was on for 81 days. I have been selling East San Rafael since 1974. I would like to meet with you so I can present a current CMA for Chapel Cove and East San Rafael. You can reach me direct at 415-257-2042
Frank Howard Allen Realtors... more