TABLE OF CONTENTS - RICHARD ZARETSKY SHORT SALE ARTICLES - 1/27/2009

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Real Estate Attorney with THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Richard Zaretsky's Short Sale Blog Articles (copyright 2009) - A Monthly Updated Table of Contents of Articles by Richard P. Zaretsky, Esq  

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CLICK HERE >>>>>>>>TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

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Rainmaker
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William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Richard,

I'd really like to see a list of States that allow deficiency judgments of foreclosures!

I'm going to work my way through these.

Bill

Jan 27, 2009 01:08 AM #1
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Richard,

Here's the scenario. People are no longer working. Besides primary have 2 condo-hotel units. For sale for nearly two years (listed on MLS), but not moving. On is financed. They want to short sell it to get rid of the payment of the loan and maintenance and taxes, as their income is not covering the expenses.

The problem is that they have an RV. They paid cash a few years ago, $175K or so.

If they go into short sale, after they get an offer, they will have to fill out a Financial Statement. If they show RV and its value, would it ruin their chances for a short sale?

If they do not include, is it a crime? Will the Lender be able to see tis RV if they pull the credit (the RV is not financed)?

For them this RV is a dream of their life, and telling them to sell it for pennies is a tough-tough thing.

But I need to be realistic.

Thanks

Jan 27, 2009 03:28 PM #2
Rainmaker
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Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

Jon

All assets owned by the seller must be disclosed on a financial statement if it is being given to the bank.  To not tell the truth on the financial statement given to the bank is usually a federal or state offense.

The RV will show up if an asset or motor vehicle search is done on the seller.  It does not show on a regular credit check.

The short sale will likely be permitted regardless of their showing the RV or not.  The RV is not a liquid asset.  But it could affect the demand for repayment of some or all of the deficiency.

Regards, Richard

Jan 29, 2009 11:45 PM #3
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Richard,

Thanks. It is not that I am going to tell them to lie, of course not. I am just curious what happens when people do things or when they do not do things.

Thanks again

Jan 31, 2009 03:27 PM #4
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Richard Zaretsky

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