I need to make sure at least one item is fully defined in my previous post.
I had mentioned in my previous post: "If a seller qualifies for a Short Sale, then it doesn't matter how much is owed. "
A Seller REALLY Qualifies for a Short Sale if the Seller is DESTITUTE.
In other words, if the Seller Has, a Combination of, ANY OF THE FOLLOWING:
No Income AND has No Savings AND has No Other Resources, AND owes Unfathonable Amounts of Money, AND is able to Declare Bankruptcy in a New York Minute, AND it is not due to reasons of their own choosing,,,
BASICALLY if a Seller CANNOT Make A PAYMENT to any of THOSE THAT CAN FORECLOSE ON A PROPERTY,,,
Then that Seller Qualifies for a Short Sale.
This EXCLUDES those that "just don't want to make a payment because he/she has decided not to make a payment because the property's value is lower than what is owed on the property".
Those people have to get dirty. Their Credit Report Rating has to get WAY Low,,,low,,,,below low,,,low,,, Harmfully low!
If a person is digging Himself/Herself out of a Financial Hole that is so big that they can declare Bankruptcy, then they, too, are candidates for a Short Sale. A Bankruptcy is the HOLD/HOLE Card, the (donald)Trump Card, that makes the playing field even (But the cost will be FOR A LONG-TERMED Penalty)
THERE ARE MANY "big brother watching systems" SYSTEM IN THE USA THAT KEEPS TRACT OF ALL THAT GOES ON FINACIALLY. If you have to give a Social Security Account Number to the person on the other side of the Phone Conversation,,,, They have Access to the Big Brother Watching System.
We don't know about them. They exsist. I am not complaining about them. I too am a Capitalist.
TO THE POINT....
The Banks, The Lenders, The Investors, The Insurance Companies, The IRS, The HOA's, The County Tax Collectors, The ,,,,
Will Foreclose on a Property if the Foreclosure Activity will be in Their Best Interest or in their Client's Best Interest. They will not Foreclose on a property if the Foreclosure is not in their best interests, unless directed by some sort of irrational "Policy"!
They will Suffer. They will ask for/accept penneys on the dollar, just to release the lien on the property, otherwise, they CLOUD THE TITLE and the property (in more cases than not) will not be passed onto the next owner.
Each State, has it's own Foreclosure Laws. Those Laws will actually determine (directly, or indirectly) what each Lien Holder will do in a Foreclosure Situation.
By the way, I am not an Attorney or a CPA. Please contact your Attorney and CPA,,,
to verify all that is in this Transmittal.
Sincerely,
Steven P. Wood, Realtor
Palm Coast Realty, Inc,
12300 Alt. A1A, Suite
Palm Beach Gardens, Florida 33410
Direct: 1-800-298-2566
eMail: Steven_P_Wood@msn.com
Web: www.homepages.com/StevenWood1
http://stevenwood.rmlsfl.mlxchange.com/
http://www.ByJoveMyHome.com/
Office: 1-800-298-2566
Fax: 561-277-4215
Cell: 703-851-6535
I am at Your Service for ALL of Your Real Estate Needs, Specializing in Jupiter, Juno Beach, Tequesta and Palm Beach Gardens !!!
;)
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