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Foreclosure in Chino Valley : Real Estate Advice

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  • Local Info1
  • Home Buying10
  • Home Selling4
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Activity 2
Mon Feb 6, 2012
Brad Bergamini answered:
I think we need to Chat.
You might be able to but why would you want to.. with a lease purchase you will pay more for less (usually).
Also you need to talk to an attorney about your best options on doing a short sale, deed in lieu, or Foreclosing.
I and my team have a 90% success rate in short sales.
Please let me know if you would like to chat about some options.
Best of luck,
Brad
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Thu Mar 25, 2010
James Wehner answered:
The answer is yes/maybe, because what is often happening is that the second is not choosing to foreclose if the first loan is higher than the home is worth. The reason being that as long as the first and second loans are with different banks, why would the second lender want to foreclose, take ownership of the the home and now be responsible for the first position loan. They will now not only lose their money from the heloc, they will lose money when they attempt to resell the home. Remember, banks are not in the business to own real estate, they want to lend money.

Please don't take this as I recommend you don't pay your heloc, I'm just pointing out what I have been seeing going on.

Please seek the professional advice of a real estate attorney and your accountant. Not paying your heloc with have a serious impact on your credit.

Good luck!
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