Lenders gaining speed in going after commercial foreclosures.. business of lending money and not in the business of managing property," said John Delikanakis, an attorney with Snell & Wilmer.
Lind says he suspects a new factor is lengthening foreclosures in Cleveland-many lenders are walking away from properties after the default judgment and never filing for a sheriff’s sale. Lenders have an incentive to merely secure the foreclosure decree so they can.
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Over the past year, lenders have become much more aggressive in trying to recoup money lost in foreclosures and other distressed sales, creating more grief for people who thought their real estate.
The lender would much rather see you sell the property than be forced to take the property through foreclosure, as foreclosure is a costly and time-consuming process. Contact your mortgage lender to discuss what it can do to assist you in selling through a short sale, and what are its procedures and requirements.
"The debt collectors tend to be much more aggressive than the lenders had been," the national consumer law center’s Walsh said. A big reason for the new surge in deficiency claims, attorneys say, is that states like Florida have recently enacted laws limiting the time financial institutions have to sue for the debt after a foreclosure.
Some hard-money lenders sell the promissory note to an investor after foreclosure for pennies on the dollar. Then, the investor will attempt to collect the debt. Even though a lender may have accepted, say, $1,000 for a $ 100,000-second mortgage through a short sale, the security for that hard-money second is released, but the promissory note.
When it comes to new investors who are interested in rental real estate, the financial side of things causes the most frustration. People aren’t sure how to calculate anticipated monthly cash flow on a rental unit. It’s usually just an inability to accurately estimate operating expenses. So, here’s how to do just that.
· House Is Gone but Debt Lives On. Posted on October 3, 2011 by BrianCoester. Mr. Hannah expects the market to expand as banks “aggressively unload” their distressed mortgages in the next year, driving up the number of deficiency judgments being sought.. and that means trying to recoup losses by going after loan deficiencies. He calls.
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