Thinking of a short sale?

 

If you are thinking of a short sale you should understand the type of loan that you have and get familiar with the following terms.

Recourse loans- Lenders are allowed to go after you for the balance that you owe , even if they have have taken your home.

Non-recourse loans- lenders can not pursue you for additional funds due.  If they foreclose on your home , lenders can not seek futher legal actions against you.

Deficiency Judgment– a court order that makes you liable for an unpaid debt.

Judicial foreclosure– a court action, a complaint is filed and a judge supervices the process.

Right of Redemption– requires you to pay the full outstanding loan, incl interest and other charges.

Lis pendens- a legal notice that a lawsuit has been filed concerning title to a specific property

When you are ready to buy or sell real estate in Brooklyn feel free to contact me at 917-861-9166.

Michele Cadogan

Fillmore Real Estate

Licensed Real Estate

www.brooklynhomesbymichele.com

About Cadogan's Brooklyn Real Estate Blog

Michele Cadogan is a Brooklyn NY real estate professional . She makes the process of buying, renting and selling real estate in Brooklyn a good experience. A long time Flatbush Brooklyn resident, she has a tremendous appreciation of the borough, its great history and its diverse communities. With a degree in Political Science and Economics she brings a balance perspective to the your real estate experience. Truly a professional in a people oriented business. When looking for a real estate agent in Brooklyn to help you buy or sell a home in Brooklyn , call Michele. Michele Cadogan Fillmore Real Estate Licensed Real Estate Associate Broker 917-861-9166 Your Brooklyn Real Estate Professional
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