How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31523
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

Which is better to consider if the mortgage company are so

This answer was rated:

Which is better to consider if the mortgage company are so hearthless to consider loan modification, short sale ( which most likely realtor will receive money, owner loss the home or foreclosure ( don not need a realtor, owner loss the home)?

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question.

Generally, a short sale is better BECAUSE you can avoid the foreclosure process, having a foreclosure listed on your credit report, etc. But, because California doesn't allow deficiency judgments against borrowers, it's not quite as advantageous to go the short sale route as it is to go through a foreclosure.

If you lived in a state where deficiency judgments were allowed (allows lender to sue borrower for the difference between the loan amount and the amount recovered through foreclosure), then a short sale would be the best choice without a doubt because a lender gives up its right to seek a deficiency if this option is taken.

In any event, a short sale is still usually better because it causes less damage to your credit.

Roger and other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.
Can the mortgage company go after me if I chose to short sale instead of foreclosure in California for the difference?
No, not in California.
Customer: replied 3 years ago.
How long can a previous home owner stay in the short sale home to find a new residence?

That's something you will have to negotiate with the lender and buyer, but usually, the owner must vacate at closing.
Roger and other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.
What if the previous owner do not vacate after closing? and the new owner let her stay but pay until she finds a new residence.
There's nothing wrong with that. As long as the buyer and the current owner have an agreement, it is fine.

The current owner can be evicted IF he/she remains after closing without permission.
Roger and other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.
So as long as the new owner permits the old owner to stay as paying renter, she will not be evicted, and no law law are being broken?
Yes, that's correct.
Customer: replied 3 years ago.
How soon can I buy a house, not my short sale house after a short sale?
Generally, a lender will not approve a loan until at least 2 years have passed since the short sale.
Customer: replied 3 years ago.
Thank you very much.
No problem. Glad to help.
Roger and other Real Estate Law Specialists are ready to help you
Thanks for allowing me to assist you, and please look me up again your real estate law questions – I’m typically online every day.

You can bookmark my profile here: http://www.justanswer.com/law/expert-kirkadams/

Have a great day!

Related Real Estate Law Questions