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Foreclosure in Palm Desert : Real Estate Advice

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  • Home Buying59
  • Home Selling6
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Activity 4
Thu Nov 19, 2009
Kimberley Kelly answered:
Be careful about Short Sales and thinking they are a win/win. Read the Demand letter very carefully. The banks can EITHER 1099 you for the difference in settlement sale cost vs. you loan amount, OR they can pursue you for a deficiency judgement for the balance..even in a non-recourse state! Probably only going to 1099 you (in CA) for the state taxes, but talk to your CPA and/or attorney first! Go in with your eyes wide open.. ... more
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Thu Oct 15, 2009
Donna Meyers answered:
Your lease is a contract in the state of California giving you right to posession under state laws unless you breach the contract. If the house indeed gets a buyer and seller agree to the terms and also gets a short sale approval from one or both banks, then you have the right to the terms of your lease until it expires. The new owner can make a new contract with you or give you notice prior to your lease expiring. If you miss a rent payment or violate the lease otherwise than it is a breach of contract and they can move to eviciton procedures. I am not an attorney so do consult an attorney as there may be something special in your area or something different in your lease. ... more
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Tue Oct 13, 2009
Larry Hansen answered:
That's great! Thanks for posting the good news and welcome to the Desert communities. I'm sure you will enjoy it here as much as we do! It is a great place to be, especially during the winter :-)

Larry
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Sun Aug 31, 2008
Janine Kowalski answered:
Yes consult an attorney, however , you may want to modify the loan and take the payments after all in this era of default loans and foreclsoures you could end up with no money and your house back. ... more
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