Divorce and Foreclosure ? By Los Angeles Short Sale Realtor Specialist
Unfortunately, Divorce is one of the major reasons that a property may end up in Foreclosure here in Los Angeles. Two people purchase the home together however, with a divorce it is likely that one person will not be able to make the mortgage payments on their own. Divorce process can take a while and if mortgage payments are not made, the home will end up in foreclosure.
A Short Sale may be a good option to avoid foreclosure. What is a Los Angeles Short Sale? A Short Sale is an agreement in which your mortgage lender agrees to accept a payoff on the loan for less than the balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount they would gain from selling the property following a foreclosure.
Sometimes, one of the owners, husband or wife, attempts to get a loan modification from the lender. Unfortunately, they will rarely get approved. A Short Sale is usually the next option. If you are in the Los Angeles California area, do not wait until a foreclosure sale date has been put on your home. In general, after 90 days of default, the lender can record a Notice of Default (NOD) against your property. If you attempt a short sale close to the trustee sale date, you run the risk of the lender continuing to pursue foreclosure of the home instead of allowing time for a Short Sale.
For more information, please visit my website at: www.Short-Sale-vs-Foreclosure-Help.com
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