West Sacramento Short Sale Specialist Mike Rigley here
bringing you the latest West Sacramento Short Sale Information. Thank you
for joining us.
CalHFA Short Sale
Deficiency. What happens to the unpaid balance in a CalHFA Short Sale or
any other West Sacramento Short Sale for that matter?
Now when I am talking about the unpaid balance or deficiency I am talking about
California only. As far as the rest of the country I am not familiar with those states laws and cannot speak tothem.
In California be it a
first mortgage, second mortgage or even a Home Equity Line of Credit orHELOC
second, if the lender agrees to a West Sacramento Short Sale, they cannot pursue
you for the unpaid balance or deficiency. CalHFA and all the others cannot come after you
for the difference providing you have not committed fraud or course.
Now with a CalHFA first
mortgage only the deficiency part is the same in a CalHFA Short Sale or
non-judicial foreclosure, you have no liability for the unpaid balance. Where a West Sacramento Short Sale is truly superior
to a foreclosure as far as debt relief goes is if you have a Home Equity Line
of Credit or HELOC. In a foreclosure the HELOC does not go away. You still owe
the money regardless if you have the property or not. In a West Sacramento Short Sale the HELOC lender
has to agree to release you from owing the unpaid balance. Big, big difference.
HELOC’s are treated differently than true mortgage seconds so be sure which you
have before considering foreclosure over West Sacramento Short Sale.
Is a West Sacramento Short Sale Right for Me?
Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me
for details
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the
latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did.
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