Need pre-foreclosure help ASAP

[Anonymous]

Short Sale and foreclosure in California

I too was entertained by the loss mitigators comments about the self serving bias of lawyers towards bankruptcy.

1. The bankruptcy code has become much less useful to many debtors. It is one of the reasons so few lawyers have gotten into this real estate deflation field this time. However, be on the lookout for a bill Congress which will give bankruptcy Judges the right to unilaterally restructure loans with exploding arms.

2. What is a short sale – it is a workout plan. It is part of the gamut of options an owner should consider. Who did the negotiating with lenders in the past… Lawyers. Before suggesting bankruptcy a professional suggests a workout plan if one is feasible. Who do you think practiced the art of a short sale. It used to be a sale facilitated by a short payoff. Realtors did the Realtor work and lawyers did the law work. And, the consumer was protected and correct in the assumption that a short sale released the consumer from a deficiency. Why – because lawyers made sure the paperwork was in place.

Now we have newly minted short sale specialists and loss mitigators going around and telling upside down sellers – a short sale will cure their loan problems automatically. Even though the information is critical in the sellers selection of options they will ignore or improperly counsel sellers on subjects like recourse vs non recourse loans, sold out juniors liens, the effect of judicial vs non judicial foreclosure, and perhaps most importantly they will let a seller march into a closing set up for the lenders benefit and the buyers benefit (and the realtors fees) without anyone making sure the proper documents are in place. Documents which may be necesary to protect the seller from deficiency.

Loss mitigators and short sale specialists simple boggle my mine. You know a lawyer is not supposed to call themselves a specialist in this area.

Anyone professional and educated enough to understand the potential complexities of each transaction would take each clients situation seriously enough to protect (themselves and) their clients by having them properly advised and protected by mal-practice insurance.

Again, I am not be anti-Realtor. It just my belief that a Realtor, a lawyer and even a Realtor/Lawyer has to know their limitations.

[lindismith]

needhelpinoside,

My brother-in-law is a bankruptcy attorney. Since last year he has been talking to people like you all day long. He can tell you exactly what is going to happen, and tell you what your options are. He has two offices, one in SD, and one in South County. Not all of his clients end up going into bankruptcy. But, unfortunately many do. I was surprised to hear it’s not the worst thing ever – and if you set it up right, and figure out how to protect yourself, you will come out ok.

If you want his email address, or phone number, please email me at lindismith @ hotmail.com

[lindismith]

needhelpinoside,

My brother-in-law is a bankruptcy attorney. Since last year he has been talking to people like you all day long. He can tell you exactly what is going to happen, and tell you what your options are. He has two offices, one in SD, and one in South County. Not all of his clients end up going into bankruptcy. But, unfortunately many do. I was surprised to hear it’s not the worst thing ever – and if you set it up right, and figure out how to protect yourself, you will come out ok.

If you want his email address, or phone number, please email me at lindismith @ hotmail.com

[lindismith]

needhelpinoside,

My brother-in-law is a bankruptcy attorney. Since last year he has been talking to people like you all day long. He can tell you exactly what is going to happen, and tell you what your options are. He has two offices, one in SD, and one in South County. Not all of his clients end up going into bankruptcy. But, unfortunately many do. I was surprised to hear it’s not the worst thing ever – and if you set it up right, and figure out how to protect yourself, you will come out ok.

If you want his email address, or phone number, please email me at lindismith @ hotmail.com

[Anonymous]

Re: Johnmcconnin’s comments. While I am only a Real Estate Broker, not an Attorney, and can’t give legal counsel, most of your comments are on point about the complexities of Short Sales. However, most foreclosures in California are Trustee Sales and are non judicial.
A successful Short Sale has to be a “win” for all parties. If you need a more detailed discussion please call me. David Zagorsky Peak Properties 858-259-8021

[Anonymous]

Re: Johnmcconnin’s comments. While I am only a Real Estate Broker, not an Attorney, and can’t give legal counsel, most of your comments are on point about the complexities of Short Sales. However, most foreclosures in California are Trustee Sales and are non judicial.
A successful Short Sale has to be a “win” for all parties. If you need a more detailed discussion please call me. David Zagorsky Peak Properties 858-259-8021

[Anonymous]

Re: Johnmcconnin’s comments. While I am only a Real Estate Broker, not an Attorney, and can’t give legal counsel, most of your comments are on point about the complexities of Short Sales. However, most foreclosures in California are Trustee Sales and are non judicial.
A successful Short Sale has to be a “win” for all parties. If you need a more detailed discussion please call me. David Zagorsky Peak Properties 858-259-8021

[sdrealtor]

As a “Short sale” expert I would expect you have significant experience in successfully negotiating Short Sales. Is that a reasonable assumption?

If it is, please explain why you have closed only 3 listings according to the MLS since 1999 none of which were listed as short sales?

[sdrealtor]

As a “Short sale” expert I would expect you have significant experience in successfully negotiating Short Sales. Is that a reasonable assumption?

If it is, please explain why you have closed only 3 listings according to the MLS since 1999 none of which were listed as short sales?

[sdrealtor]

As a “Short sale” expert I would expect you have significant experience in successfully negotiating Short Sales. Is that a reasonable assumption?

If it is, please explain why you have closed only 3 listings according to the MLS since 1999 none of which were listed as short sales?

[Sandi Egan]

sdrealtor writes: my attorney friend he explained how just about every Realtor doing short sales put their clients at extreme peril because thye dont truly understand the law.
Sounds like something many of us, particularly the topic starter, might find interesting and relevant. Could you please elaborate a little?

[Sandi Egan]

sdrealtor writes: my attorney friend he explained how just about every Realtor doing short sales put their clients at extreme peril because thye dont truly understand the law.
Sounds like something many of us, particularly the topic starter, might find interesting and relevant. Could you please elaborate a little?

[Sandi Egan]

sdrealtor writes: my attorney friend he explained how just about every Realtor doing short sales put their clients at extreme peril because thye dont truly understand the law.
Sounds like something many of us, particularly the topic starter, might find interesting and relevant. Could you please elaborate a little?

[meadandale]

“Please also understand that there are countless people that do not understand real estate as you do.”

I’m sympathetic…kind of…but this statement rings hollow. I knew nothing about mortgages or real estate before I bought my house. I figured that I better learn something before I put myself in the hole almost $400k.

So, I bought a few books (including Home Buying for Dummies) and learned a few things. One of the things I learned was the risk in ARM’s and decided I’d buy less house and get a 30 year fixed rate loan since I wasn’t willing to take the gamble of rising rates and not being able to refinance into payments I could afford.

You on the other hand, plead ignorance after having dropped more than a half million on a house with loan terms you didn’t understand? People like you probably spend more time comparison shopping and doing research on the internet for a TV than you did for your house. That’s sad…very sad.

[meadandale]

“Please also understand that there are countless people that do not understand real estate as you do.”

I’m sympathetic…kind of…but this statement rings hollow. I knew nothing about mortgages or real estate before I bought my house. I figured that I better learn something before I put myself in the hole almost $400k.

So, I bought a few books (including Home Buying for Dummies) and learned a few things. One of the things I learned was the risk in ARM’s and decided I’d buy less house and get a 30 year fixed rate loan since I wasn’t willing to take the gamble of rising rates and not being able to refinance into payments I could afford.

You on the other hand, plead ignorance after having dropped more than a half million on a house with loan terms you didn’t understand? People like you probably spend more time comparison shopping and doing research on the internet for a TV than you did for your house. That’s sad…very sad.

[Author]

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