How can I stop my 2nd Mortgage from pursuing a deficiency judgment?
Here is a big difference between Short Sale and foreclosure and that is all about your 2nd mortgage. If you have a 2nd mortgage and you get foreclosed on, expect them to be garnishing your wages as soon as they can.
What? You might say? Yes, they have the right to go after you, even when the home is foreclosed on. This is a major reason to do a Short Sale and put an end to the misery today.
Does a Short Sale give you a full release? No, not unless it states you are released in full. Many Short Sale home sellers are getting hit with garnishment.
So, How Can You Stop Your 2nd Mortgage From Pursuing a Deficiency Judgment? Most will give you a FULL RELEASE with a 20% settlement at close of escrow. Usually the 1st will give them 10%, so all you need to do is raise 10%. I don’t care if you have to beg or borrow, this is a must. You do not want a garnishment pushing this misery out for several more years.
Example: $100,000 2nd mortgage. With a settlement of $20,000 at close of escrow they will go away for ever. First we work on getting 10% from the 1st mortgage, and if that happens we only need $10,000 from the seller. In this example, with foreclosure or a Short Sale without Full Release they will garnish your wages and take up to $100,000 plus interest.
Folks- this is a no brainer! Get the Short Sale done. Get the 2nd 20% and start your financial life again.
Are you a Seller Looking to sell your home in a Short Sale? Before you act, know your options. We have videos that walk you through the process in the privacy of your own home at what every time you wish to watch as many times as possible!
the links below will take you there:
Before Foreclosure and Short Sale: What are my Options?
Before Foreclosure and Short Sale: Save my Home!
Before Foreclosure and Short Sale:
Before Foreclosure and Short Sale: Save my Credit Through Short Sale
Before Foreclosure and Short Sale: Last Step – How to Clean up My Credit!
Or for a Free 1 hour consultation and a referral to an Attorney for 5-10 minute Free consultation call me at 480-502-7699 or click here to contact me!
Are you a buyer looking to purchase a Short Sale Home at a Great Price? If so, you want to be aware of the fact that some listing agents continue to search out other buyers, keep the home on the market for sale, have other offers and when they get a response from the bank they go back to ALL the buyers looking for highest and best. When you buy a Short Sale, you want an agent that knows the ins and outs. What to look for to secure as the only buyer for that home, The Cameron Team and our buyer specialists are experts in Short Sales and Bank Owned Foreclosure homes. We know the tricks and are your best choice. Call 480-502-7699 or email Jeff@TheCameronTeam.com
480-652-2004