08-24-2007, 05:55 PM
"The county keeps a record of all leans, lean holders, unless it’s 'contract to buy'. . "
"The banks and most lenders are not allowed to discuss some kind of deal before foreclosing, (federal law)."
Sorry Jeff, both are wrong. The first one is called "Agreement of Sale" here and those are recorded. (Indicated in the tax records as "AS."
The Seller can sell the property for less than the mortgaged portion if the lender agree to it. It's called "Short Sale" here. Basically, the regular contract is drawn with a Short Sale Addendum that indicates that the sale is subject to the approval of the lender.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
"The banks and most lenders are not allowed to discuss some kind of deal before foreclosing, (federal law)."
Sorry Jeff, both are wrong. The first one is called "Agreement of Sale" here and those are recorded. (Indicated in the tax records as "AS."
The Seller can sell the property for less than the mortgaged portion if the lender agree to it. It's called "Short Sale" here. Basically, the regular contract is drawn with a Short Sale Addendum that indicates that the sale is subject to the approval of the lender.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"