I am doing a short sale on a investment home, it has fallen out of escrow 3 times. Will I need a lawyer?

Asked by Elena, Santa Ana, CA Wed Aug 20, 2008

Our mortgage co, may not give us another extension and they my sell the property in an auction. I don't know what will happen next, will I need to get an attorney and why?

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Rita Moriarty, , Ladera Ranch, CA
Thu Aug 21, 2008

There are many variables to consider here. What is your objective? Is it to avoid foreclosure? To save your property? Do you have to sell at this time? Are there factors affecting the situation that are beyond your control such as: loss of job, divorce, illness, etc.

Have you asked your lender about a Deed in Lieu of Foreclosure? This is sometimes used by developers to avoid foreclosure. You essentially sign the deed over to the bank. If you have a second mortgage, this could complicate the situation. Are you behind on payments? Why did you fall out of escrow? Do you feel you are the victim of loan fraud? These questions are important in assessing your situation.

You can get free help at the Fair Housing Council of Orange County located in Santa Ana: 201 S. Broadway; phone (714)569-0823. They are a HUD agency and they are very knowledgeable of the foreclosure process.

Rita Moriarty
Broker Associate/Realtor
Realty Benefit
Foreclosure Prevention Specialist and Volunteer
Fair Housing Council of Orange County
Web Reference:  http://www.fairhousingoc.org
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