Short Sale Shift

Hi, We are Josh Pomerleau and Sarah Willman, Minneapolis/St. Paul’s premier short sale group. We are doing fine today and we wanted to share some information with you today concerning deficiencies.

We observe a lot of realtors struggle with deficiency waivers. It is incredibly hard to negotiate that deficiency waiver. However, with the short sales that we are closing in Minneapolis/St. Paul we are getting exceptionally good at making certain there is no deficiency. In the state of Minnesota you have six months before the sheriff sale is announced and an additional six months before the sheriff sale is supposed to occur. So, with your Minneapolis/St. Paul short sale, you essentially have twelve months before you have to leave your Minneapolis/St. Paul property.

Short Sale Power Hour

We have got extraordinary guest Brian Gubernick with us now to speak about bankruptcy attorneys and how they affect the real estate industry occasionally. There are a number of attorneys that are offering advice on short sale or foreclosure when they do not really grasp short sale or foreclosure.

One of the challenges we meet, as agents, is when we have to counsel our customers to talk with an attorney and, at the same time, fix details that the lawyers give to our clients. We can’t give legal advice, just like we can not give tax advice. We are comfortable speaking about legal and tax concerns, but we are not going to sign off on these things and we are surely not defending them in court.

A Lis Pendens has been filed on the house (NY). An investor ‘s short sale proposal was rejected. The lender is taking forever to get back to me to set up a meeting where we can talk about DIL. It doesn’t look as if I can raise enough privately to avoid foreclosure although I am still working on this as an option.
I heard that Chapter 13 bankruptcy was a common way to delay the foreclosure sale. I will try for pro bono legal advice locally but just for preliminary considerations, anyone got any thoughts (keep it simple please) on which is worse? .

You may be able to delay by asking for them to produce the note. But the only way to stop a foreclosure is to bring the note current or to work out something with your mortgage lender.
Here’s a link on how to request the lender to produce the note: http://www.consumerwarningnetwork.com/20…
**not legal advice. only an attorney can give legal advice.