Everything seemed to be going well with the short sale - the first mortgagor had approved of the purchase price and negotiations with the second mortgagor seemed to be moving along. Yet, somewhere in the process, the second mortgagor sold off the debt for pennies (?) on the dollar. The new note holder had to be found and negotiated with, and they wanted more money than was previously being negotiated - a lot more.
Throw into the mix that the second mortgage was a HELOC (Home Equity Line Of Credit). The new owner of that note figures that if they don't get the money they require, they will hold the homeowner personally responsible for the debt.
The buyers of the short sale have been waiting patiently for months. Will the sale go through? Or,
"In Foreclosure Process, Notice of Default, Short Sale/Subj to Lender Approval"
The part that sticks out to me is that is says "In Foreclosure Process"... Does this mean it will soon be foreclosed and be listed as an REO and no longer a short sale? And what does the "Notice of Default" mean???
When a homeowner misses a payment (or payments), the lender CAN record a Notice of Default on the property. This would be the start of the 'in foreclosure process'. 3 months after the NOD, the lender CAN record a Notice of Trustees sale. This lets the homeowner know that a date has been set for the home to be auctioned off on the courthouse steps. These dates can be postponed.
So let's assume that the homeowner is in default on the loan and a Notice of Default…
How come this website has a home listed as In Escrow, while another has it listed as Contingent, and another as Accepting Backup Offers???
Contingent, in escrow, and accepting backup offers, all really mean that the home is in escrow..
When an offer gets accepted, the agent will change the status on the MLS to 'back up'. That lets the other agents know that an offer has been accepted, but they can still show the home to clients. If they wanted to write an offer, it would be as a 'back up' offer in case the escrow with the first offer did not work out.
Once a buyer removes all of their contingencies, the agent will (should) change the status on the MLS to 'pending'..
Most buyers that I know do not write backup offers, and many agents do not show those
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