Newport Coast, CA

Daily Real Estate News | January 28, 2010 |

Banks Seek Payback from Walkaways

Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former home owners who walked away from their properties or sold them in short sales.

Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option to renew for another 20 years if the debt isn't paid.

About one-third of U.S. states, including California and Arizona, prohibit collection efforts after foreclosure, but home owners usually waive that protection in a refinance.

Most states allow collection on unpaid home-equity loans.

Banks are most likely to try to collect from people who walk away from a property on which they are still making payments.

"The bank is going to pull your credit report, and if you're current on your other bills they are going to come after you and potentially ruin you," said Larry Tolchinsky, a Florida real estate attorney.

Source: Bloomberg, Kathleen M. Howley (01/28/2010)

It really is rediculous unless you have lost your job and cannot pay to be able to expect to walk away from your responsibilities and payments. It is equally rediculous for the banks not to try and modify your loan or at lease fix your interest rates so they dont rise so High

www.NewportCoastRealEstateTeam.com
Marlene Dietrich, Tony and Mike

Trust your Realtor, they represent your best interests in your transaction, financially and legally. Some Listing Agents offer you money from their commission to sway you to use them, that doesn't replace experience and professionalism. It's important that you feel comfortable with your agent, how well do you know them. The money you saved isn't enough if you end up paying more and loose the knowledge of an experienced agent. There are a lot of agents that are trustworthy so it must be a case by case basis. If you find a good agent that you feel comfortable with, then stay with them and let them do their job. Loyalty works both ways, your Agent is investing their time, energy and money to get you that perfect home! It is in your best interest to see the homes your Agent recommends, to give you a chance to see properties in person and give your Agent a better idea of what you want and what you don't. On line photos make a place look so good, then you personally see the home and it looks completely different. Buying a home is an emotional purchase, you must walk into it to know whether this feels like a good fit for you. Every buyer starts with a list of "wants and needs" and the more homes you see the more that list evolves into the home of your choice. Narrowing down the best floor plan, what builder you like, what city or school district you prefer, adjusting the price range; all of these variables take an incredible amount of time and that is what you depend on your Agent to do for you. Most important once you find that perfect home you need someone on your side to negotiate the best price, get you the best terms and protect you legally in every way. Guiding you through the process, keeping you protected with the timing, helping you in the discovery of information is what you should expect from your Agent. If you want it all, an experience Agent to not only List but Sell your home and a Buyer's Agent who will devote their time to finding you that perfect home, spend a few moments looking over our website www.NewportCoastRealEstateTeam.com and read our past clients testimonials and hire us to handle all your Real Estate needs. We can be trusted to be in your corner. www.NewportCoastRealEstateTeam.com Marlene Dietrich, Tony and Mike

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