Kris & Kim Darney

The answer is yes, if your state recognizes the deficiency judgment as it pertains to a mortgage deficiency.

There are specific events that must occur prior to a deficiency judgement.

• The mortgage holder of the deficient mortgage must request a judgment from the courts in the county where the real property is located. You may or may not be notified when this occurs.
  
• The deficiency must be granted by a judge.
• The mortgage holder can now pursue this judgment and may attach any properties that are associated with the mortgagor/s.

There are many ways to protect your other real property assets.

• Real properties can be placed in a trust and I always suggest that you utilize the services of an attorney that specializes in Real Property Trust & Estate Law. Their fee will is minimal as compared to the risk.
  
• Real properties can be placed in Retirement Plans much like stocks and bonds. These assets are typically protected from many legal actions, including bankruptcy. Again, seek and consult a licensed retirement specialist for more specifics on this process and how it pertains to your circumstances.

Best,

Kris Darney

Platinum Real Estate; CDRE# 01156267

If the question is equating "foreclosure" to "Trustee Sale", then the answer is yes.

By definition, a real property short sale takes place prior to trustee sale however it can also take place during the foreclosure process. In most states, once the foreclosure process has been completed, your opportunity for short sale has passed.

Once a short sale offer has been submitted to the mortgage company or bank, along with their specific documents requested and the offer is reasonable with market conditions, the foreclosure process or trustee sale will be halted.

The short sale approval process (offer is approved by the bank) can take up to 90 days+. However, if done correctly by a competent and experienced agent, will be the best transaction for all parties.

• The bank avoids the costs associated with foreclosure
• The seller has a heavy financial burden lifted from their shoulders.
• The buyer get's a good deal.
• and the agents are rewarded with a good commission paid by the bank.

The short sale is the ideal alternative to a foreclosure and the negative marks of a foreclosure that will remain on your credit file for up to 10 years.

Kris Darney

By your question, I would think that your best option is a Short Sale. In a short sale, you/your real estate agent is asking the mortgage or lien holder to accept less than what is owed on the property. There are a few ramifications such as:

• A credit rating hit, however, in most cases, you will be able to repurchase a home withing 18 to 36 months. a foreclosure will stigmatize your credit for many years. as long as you properly manage your finances moving forward.
  
• There are potential tax ramifications, however with President Bush enacting "The Mortgage Relief Act of 2007", tax liabilities became less a concern. Still review potential ramifications with your tax specialist.
• As with both a foreclosure and a Short Sale, you have the potential of receiving a judgment against you for the amount not recovered by your mortgage or lien holder. In a short sale, you can often negotiate with your lien holder to remove this liability. Not true with a foreclosure.

You must find a Real Estate agent with a confirmed track record of successful Short Sales. Short Sales can be a laborious process and require the commitment of a unique breed of agents. There are networks nationwide of Real Estate Short Sale Specialists that can assist you with your specific needs.

Short Selling a property can be a rewarding process for all involved if handled properly.

• Most important, you the homeowner, is relieved of a burdensome debt.
• The mortgage/lien holder limits its exposure to another REO/Bank Owned property.
• The buyer in most cases is buying a home that is priced below current market com-parables.
• The mortgage or lien holder pays escrow fees, real estate commissions, in most cases, arrears property tax liabilities associated with the property and some HOA (Home Owner Association) fees.

I am a firm believer in the Real Estate Short Sale process as a fair and equitable approach to handling the difficulties of real estate in today's economy.

For more information visit: http://shortsalesellit.com

The answer is yes.

In California, where I am a licensed Real Estate agent it is as simple and I always suggest the designated home owner working with a reliable escrow office. You do not need a real estate agent for this process.

The escrow officer will add/remove persons or entities to/from a deed. The escrow office will have this document recognized by your county recorder. Of course there is a fee and it is usually less than $100 and in most cases less than $50. As the owner of the property, you will have to supply proper identification as well as the intended party being added to your deed.

The addition of a party to a deed can be both good and bad.

• In the case of death of 1 of the 2 parties, the other party simply owns the property and becomes fully liable for its payments, maintenance, insurance and taxes. In the case of death, the property is also opened up to liens by creditors should the dead party have had any financial liabilities, etc...
• Removing a party from title requires both/all parties obligations. Divorce, partnership split, etc...

These are just a few top of mind, however, there are many other concerns and liabilities that arise.

Although your process may differ a little in your state, i.e. an attorney may have to be involved, the process of adding a party is quite simple.

For more information visit: http://shortsalesellit.com

The answer is yes.

In California, where I am a licensed Real Estate agent it is as simple and I always suggest the designated home owner working with a reliable escrow office. You do not need a real estate agent for this process.

The escrow officer will add/remove persons or entities to/from a deed. The escrow office will have this document recognized by your county recorder. Of course there is a fee and it is usually less than $100 and in most cases less than $50. As the owner of the property, you will have to supply proper identification as well as the intended party being added to your deed.

The addition of a party to a deed can be both good and bad.

• In the case of death of 1 of the 2 parties, the other party simply owns the property and becomes fully liable for its payments, maintenance, insurance and taxes. In the case of death, the property is also opened up to liens by creditors should the dead party have had any financial liabilities, etc...
• Removing a party from title requires both/all parties obligations. Divorce, partnership split, etc...

These are just a few top of mind, however, there are many other concerns and liabilities that arise.

Although your process may differ a little in your state, i.e. an attorney may have to be involved, the process of adding a party is quite simple.

For more information visit: http://shortsalesellit.com