loan modification: To Short Sale or not to Short Sale. That is the question.
- 02/24/10 02:56 PM
When you bought your home, you signed a lot of documents that day. But one of those documents is the Promissory Note (3 page document) which is your personal liability and the Deed of Trust (18 page doc) which is personal liability secured by your house. This is where the bank really digs their teeth into your property. Virginia is a Deed of Trust state in that a trustee is assigned to you. In event of default, the trustee is activated. And if bank wants to foreclose, the bank transfers power to their attorney (for example Sam White, a Virginia foreclosure … (1 comments)
When you bought your home, you signed a lot of documents that day. But one of those documents is the Promissory Note (3 page document) which is your personal liability and the Deed of Trust (18 page doc) which is personal liability secured by your house. This is where the bank really digs their teeth into your property. Virginia is a Deed of Trust state in that a trustee is assigned to you. In event of default, the trustee is activated. And if bank wants to foreclose, the bank transfers power to their attorney (for example Sam White, a Virginia foreclosure … (1 comments)
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