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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: is this accurate? Posted by JK (the other JK) on June 24, 2009 at 10:30 AM In Reply to: is this accurate? posted by Kristine-CA on June 24, 2009 at 9:11 AM : If the property were to go to foreclosure, Citicard is last in line for proceeds...and there would be none. But they are not wiped out as a holder of a judgment. A recorded judgment in CA is good for tens years, and another ten if renewed. Judgement holders don't have to play ball during a short sale. If they are offered a consideration, they may not bite as they can wait until the borrower needs to buy again. : : No court order needed. You now have two approvals from the first and second lienholders, just postpone the sale and negotiate a discount with the third lienholder. Explain that you would like to settle the debt or they will be wiped-out if there's a foreclosure and will receive zilch! I agree with Kristine. As Rick was pointing out on another thread, it's wiped off (the property) not wiped out. The Seller can attempt to negotiate with Citibank, but the Buyer will most likely have to be willing to come out of pocket with the proceeds. It will be REALLY hard to get the first and second to negotiate an even greater loss after making a deal with them. If the Seller qualifies for a BK (they might not if they earned enough income to buy a $1M house), it may be their best bet. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : If the property were to go to foreclosure, Citicard is last in line for proceeds...and there would be none. But they are not wiped out as a holder of a judgment. A recorded judgment in CA is good for tens years, and another ten if renewed. Judgement holders don't have to play ball during a short sale. If they are offered a consideration, they may not bite as they can wait until the borrower needs to buy again. : : : No court order needed. You now have two approvals from the first and second lienholders, just postpone the sale and negotiate a discount with the third lienholder. Explain that you would like to settle the debt or they will be wiped-out if there's a foreclosure and will receive zilch! : I agree with Kristine. As Rick was pointing out on another thread, it's wiped off (the property) not wiped out. The Seller can attempt to negotiate with Citibank, but the Buyer will most likely have to be willing to come out of pocket with the proceeds. It will be REALLY hard to get the first and second to negotiate an even greater loss after making a deal with them. If the Seller qualifies for a BK (they might not if they earned enough income to buy a $1M house), it may be their best bet. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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