Scottsdale Short Sales - How to get a 2nd Mortgage Heloc to go away for Good!
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Uploaded by JeffRCameron on Nov 28, 2011
http://www.goshortsaleaz.com/
Jeff Cameron 480-502-7699
Scottsdale Short Sales - How to get a 2nd Mortgage Heloc to go away for Good!
In this video I discuss with my expert short sale negotiator why it is important to do a short sale over foreclosure.
Most people don't understand that when you have a home go to foreclosure and there is a 2nd mortgage, that 2nd mortgage can come after you here in Arizona.
You see the first mortgage is satisfied by getting the home through foreclosure, but the 2nd gets nothing. The 2nd mortgage, many times a HELOC or Home Equity Line Of Credit, has over 6 years to file a suit against the borrower after a foreclosure has gone through. They can attach wages, go after savings and be a pain for the borrower.
In most cases, we can get the 2nd mortgage to give our sellers a FULL RELEASE through Short Sale. Many times the 2nd mortgage is only getting a small portion of what was owed to them.
Last year, I was contacted by a couple 30 days prior to their foreclosure. They owed $1,000,000 on their first mortgage and around $275,000 on their second mortgage. If they would have gone to foreclosure the 2nd would have full recourse. Meaning the 2nd could go after the seller for up to another 6 years plus. Because we did a Short Sale, the 2nd agreed to a Full Release and my seller is now free to start life over financially and not worry about a skeleton in the closet.
Did they pay money at closing? Yes, the bank asked for $25,000 and the seller countered with $1,800. The bank accepted. This seller was in a position where the bank understood that was they would get and thus agreed. I have had other sellers pay from $0 to as high as $20,000. That $20,000 deal was an investor with tons of money, no hardship and we still got over 10 times that amount relieved through the short sale.
Are you thinking of doing a short sale?
Do you have questions?
Do you have a HELOC or other 2nd mortgage?
Call me today, Jeff Cameron with The Cameron Team at MRW Homes 480-502-7699 I will schedule a 1 hour FREE consultation with you.
Created on November 28, 2011 using FlipShare.
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