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  Answers to FAQS On Foreclosure and Short Sale

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Foreclosure and Short Sale

General Foreclosure and Short Sale FAQs
Why am I being told that Refinancing is a big big mistake?
What is a Forbearance Agreement?
How does the Mortgage Forgiveness Debt Relief Act of 2007 Help Homeowners?
If I refinance my mortgage do I lose California's Anti-Deficiency Protection?
If I take out a home equity line of credit do I lose California's Anti-Deficiency Protection?
If I am behind on my payments, what options do I have other than a short sale?

Foreclosure
What is Foreclosure?
How does the Non-Judicial Foreclosure process work in California?
What happens at the Trustee Sale?
How long does it take to foreclose a property in California?
I heard that some people who show up to foreclosure sales are sometimes paid not to bid?
If I owe substantially more on my home than it is worth, Can t I just turn my property over to the lender and walk away, or will I still owe?
What is a deficiency judgment?
What is Surrender of the Title Deed in Lieu of Foreclosure?
What is the Purchase Money Rule?
Why would a lender opt to use judicial foreclosure if it takes three times as long and costs more?
What is Cancellation of Debt?
What is the first action rule?
Is there a Right of Redemption in California?

Short Sales
What is a Short Sale?
When should a short sale be considered?
Will a lender allow a short sale if the seller has a fair amount of equity?
What documents will I need for a short sale?
Is proving a Financial Hardship essential to getting the lender to agree to a short sale?
If I try to do a short sale, what is the process?
If a seller is in bankruptcy, will that affect the short sale of the property?
What are the tax implications if I do a short sale?
How does a realtor or real estate agent get paid in a short sale?
Why would my lender agree to a short sale?
If I have a first and second mortgage and the second wont agree to a short sale, what happens?
Will a short sale “save my credit”?
Will a short sale “save my house”?
Who owns my house after a short sale?
What happens if I owe back property taxes when I do a short sale?
Can I still do a short sale if my home has already been auctioned off?
If my lender lets me do a short sale, can the lender come after me for any outstanding balance on the loan?
If I default on my mortgage can the lenders come after me if I owe more than my home is worth? Can't I just turn the home over to the bank, walk away, and owe nothing?


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