Posted by BTI on November 14, 2006 at 13:44:56:
Glen
Because a short sale is not a foreclosure sale that statute would not apply. The junior lien holders don’t have to agree to anything, of course this may just result in the sellers having to resort to a foreclosure and having the junior lien maybe being wiped out. So I would tell them to stuff it, if they want to take their chances so be it, of course the first payments I would stop would be theirs depending on the situation.
BTI
Short sale and a second question - Posted by Glen
Posted by Glen on November 14, 2006 at 07:55:41:
My company averages 4-5 Short Sales per month and have been recently faced with second lien holders such as HFC requiring my clients to sign a Notarized document requiring them to agree to any deficiency judgment in the event of an approved Short Sale.
According to my attorney, ORS.770 Effect of Sale does not allow deficiency judgments on Non-Judicial foreclosures in the State of Oregon.
Can you comment on this matter, are any of your clients experiencing this, and do you have any suggestions on how my company may negotiate with second lien holders in this situation?
Your comments would be appreciated and thank you for your time and such a great site for real estate investors.