When an owner of a property is in default they will soon be in forclosure. The bank records a deficiency at the county recorders office. The idea is that there is no equity left in the property due to large first mortgage and large second and maybe a third. Well at the forclosure the 2nd and 3rd will be wiped out. I would represent the owner and with proper documents talk to the 2nd and maybe 3rd mortgage holder, being the lender to discount their 2nd thus equity becomes available.
2007-03-14 16:35:32 · 4 answers · asked by rtriceslug 1 in Business & Finance ➔ Renting & Real Estate
Yes, there can be good money to be made in short sales. Check out the Short Sale forum at:
http://www.thecreativeinvestor.com/residential/
2007-03-18 13:46:40 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
Since Yahoo answers does not allow links, please email me and I will direct you to a program and people who can walk you through the process. We did a short sale last week for $260,000 with only a 1st mortgage.
2007-03-14 16:53:46 · answer #2 · answered by flip that house 1 · 0⤊ 0⤋
That's not correct. The subordinate liens are not "wiped out". They are legitimate liens on the property. Good luck, pal.
2007-03-14 18:14:20 · answer #3 · answered by Fearless Leader 4 · 0⤊ 0⤋
can you show me how to do equity my own home to buy one more house for investment, how can I make another home loan from the bank, if the house is about $500.000 dollars, how much can I borrow from the bank. Thanks
2007-03-14 18:29:28 · answer #4 · answered by Neighbour 5 · 0⤊ 0⤋