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Tag: foreclosure

Can The Lender Sue Me After A Short Sale?

November 1, 2010

This is a great question. This is also a question is answered with lots of myths, confusion, and bad information. You need to speak with a qualified attorney on this matter. The state of Arizona has limited deficiency protection. Odds are very high that you qualify under the state’s deficiency statutes. However, you should speak with an attorney that specializes in contract law within the state of Arizona. You need a specialist in real estate contract law.

Usually this question comes up when we are speaking about home equity lines of credit. With most home equity lines of credit the lender’s ability to pursue you after a foreclosure or a short sale is exactly the same. However, you need to speak with a qualified attorney on this matter.

Why Would A Bank Do A Short Sale?

October 29, 2010

This is actually an easy question to answer. The simple answer is money. While the bank is taking a loss on the short sale, the loss is typically 10% – 40% less than what they would lose if they were to foreclose on your property. A short sale is simply about the bank losing less money.

How Long Will It Take To Foreclose?

October 28, 2010

The best answer is that it depends. In Arizona, we typically use what is called a deed of trust. The deed of trust is also commonly referred to as a mortgage. In a deed of trust, the lender has two options to foreclose.

The first option is almost unheard of. It is called a judicial foreclosure. The bank files a lawsuit and works through the court system. This option takes several months and creates lots of attorney’s fees. So, the banks simply don’t use this option.

The second option is a non-judicial foreclosure. In a non-judicial foreclosure, your lender instructs the trustee, typically a title company or an attorney, to record a notice of sale with the county. This report to the county can happen within 60 days, but is typically longer. From the time that a notice of sale is recorded, the foreclosure sale takes place in no less than 90 days.

One of the things that we commonly see it that the homeowner isn’t aware that the lender has the ability to foreclose this quickly. The lender can foreclose in as little as 90 days. If you have received that notice or your lender has threatened you with foreclosure, please do not wait another minute. Contact me immediately. Time is of the essence.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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