Comments on: Short Sales & HELOCS http://www.wannanetwork.com/2009/10/05/short-sales-helocs/ WannaNetwork.com - Connecting Homeowners And Local Real Estate Professionals Fri, 03 Feb 2012 22:30:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jonathan Katz http://www.wannanetwork.com/2009/10/05/short-sales-helocs/comment-page-1/#comment-581 Jonathan Katz Wed, 14 Oct 2009 03:27:13 +0000 http://www.wannanetwork.com/?p=1044#comment-581 Deidre, We deal with a great deal of loss mitigation which includes everything from loan modifications to short refinancing to deed-in-lieu of foreclosures and this comes up all the time. Especially these days. In many cases once the loan has become delinquent after a certain amount of time the debt is "charged off". The debt is still owed and usually sent out to a collection company or in some cases the same lender has their own charge off department sometimes referred to as their "Recovery Department". Usually this happens at a threshold and all investors have different time frames. In most cases this happens when the loan is 120 Days Due delinquent but can many times happen as little as of becoming 90 Days Due. This is also in part due to the negative equity found in the property. This generally only happens with second mortgages. We actually update information like this on our blog www.MLReport.com along with posting up other lender guidelines.. Feel free to sign up to our newsletter and get the updates straight to you e-mail. Good luck and if you have any other questions please reach me at your convenience. Take care. Jonathan Katz Deidre,
We deal with a great deal of loss mitigation which includes everything from loan modifications to short refinancing to deed-in-lieu of foreclosures and this comes up all the time. Especially these days. In many cases once the loan has become delinquent after a certain amount of time the debt is “charged off”. The debt is still owed and usually sent out to a collection company or in some cases the same lender has their own charge off department sometimes referred to as their “Recovery Department”. Usually this happens at a threshold and all investors have different time frames. In most cases this happens when the loan is 120 Days Due delinquent but can many times happen as little as of becoming 90 Days Due. This is also in part due to the negative equity found in the property.

This generally only happens with second mortgages.

We actually update information like this on our blog http://www.MLReport.com along with posting up other lender guidelines.. Feel free to sign up to our newsletter and get the updates straight to you e-mail.

Good luck and if you have any other questions please reach me at your convenience.

Take care.
Jonathan Katz

]]> By: Deidre St. Romain http://www.wannanetwork.com/2009/10/05/short-sales-helocs/comment-page-1/#comment-575 Deidre St. Romain Tue, 13 Oct 2009 13:21:35 +0000 http://www.wannanetwork.com/?p=1044#comment-575 "Charged off"? As in the bank forgives it as a bad debt? Please explain what that means and at what point do they charge off? I really thought that didn't happen for quite some time. Actually I never heard that terminology with something like a line of credit - only with unsecured debt like credit cards. “Charged off”? As in the bank forgives it as a bad debt? Please explain what that means and at what point do they charge off? I really thought that didn’t happen for quite some time. Actually I never heard that terminology with something like a line of credit – only with unsecured debt like credit cards.

]]> By: Jonathan Katz http://www.wannanetwork.com/2009/10/05/short-sales-helocs/comment-page-1/#comment-572 Jonathan Katz Tue, 13 Oct 2009 03:25:30 +0000 http://www.wannanetwork.com/?p=1044#comment-572 Elsie, I am not sure I understand what you are asking. Are you asking about whether they will be liable for the taxes? Or are you referring to the bank coming after the homeowner? We currently process short sale in all 50 states and we are negotiating with all types of loans to walk away. The question is always, "At what amount?" If the loan has not been charged off then it should be a little easier to get the job done. Regards, Jonathan Katz **Please feel free to contact me about our free short sale processing for sellers and buyers** Elsie,
I am not sure I understand what you are asking. Are you asking about whether they will be liable for the taxes? Or are you referring to the bank coming after the homeowner?

We currently process short sale in all 50 states and we are negotiating with all types of loans to walk away. The question is always, “At what amount?” If the loan has not been charged off then it should be a little easier to get the job done.

Regards,
Jonathan Katz
**Please feel free to contact me about our free short sale processing for sellers and buyers**

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