If you are researching short sales to position yourself for them, interview them extensively as to their education and experience in closing such transactions. If you are in Oakland, Wayne, Macomb, or Livingston county, we would like to speak with you. If outside of that area, we can direct you to a proven professional.
Happy New Year!
Charese Brown, SFR Realtor
Community Choice Realty, Inc.
261 E. Maple Rd.
Birmingham, MI 48009
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You will need to get your main mortgage company to throw a bone to your home equity loan in order to get them to release the lien. If both companies don't agree and give the approval the sale will not happen.
I hope this helps.
Long & Foster Real Estate, Inc
Lehigh Valley Office, PA
This is also referred to as the deficient judgment.
In the state of Michigan the lenders attempt to sue for deficiency is often easily defeated in court due to the dramatic loss in property values and how the foreclosure laws in the state are written.