Foreclosures Help Information

Posts Tagged ‘foreclosed beach property florida’

Foreclosed Beach Property

Question: Can the bank place a lien on my second property because of foreclosure on my first property?

I want to foreclose my rental property in Palm Beach Florida but is afraid that the bank might palce a lien on my primary resident in Jacksonville Florida. What type of lien or judgement if any can be placed on my wages or property?

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Answer: Avoid Foreclosure. Contact a local short sale specialist (realtor familiar with short sales.) The specialist can negotiate with your lender to accept as low at 80% market value. That's one heck of a deal to the buyer and on your credit report it will say "loan settled." The bank will send you a 1099 next year for any lose and you need to report the loss as income earned. I do short sales in Atlanta for clients. It's painless and easy and you can sell the home in less than two weeks at the right price. If your home is foreclosing this month or next call your loss mitigation department and ask for an extention and that you are listing with a short sale specialist. The bank will send you a short sale package for you to complete and the same time may remove the home off the foreclosure list.

Your Property Search Engine - Sean McCracken, Laguna Beach Realtor

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