2) Short Sale Alternative Info cont’d
i)
Foreclosure
timeline
(1)
Warning
letter => Notice of Default (30 days) => Notice of Sale (30 days) =>
Trustees Sale (90 days) => Borrower must vacate (20 days)
ii) Agricultural land must be Judicial FC
(1)
Under any Judicial FC, seller has 1 year to buy back their
home/property at the amount the buyer paid for it at the auction + nominal
interest
(2)
Buyer beware – if buying a Judicially
FC’d property, wait at least 1 year before making any improvements
iii) Bankruptcy
(1)
If
borrower has numerous other unsecured debts
(2)
Large
second mortgage with ongoing liability after SS or FC
(3)
Tax
debts or other competing complications
(4) Advise
client to talk to a lawyer => if they refuse, have sign acknowledgment that
you advised atty
Please remember to read the first 3 Short Sale Tidbit blog entries for more information. As always, if you have any questions about short sales and need some expert advise, please contact Danielle anytime at 360.483.6490 or via email dgroeneweg@muljatgroupnorth.com!