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Short Sale vs. Release of Lien
dquinter
follow
0
6-4-2007 10:51 PM
70 views
tags:
short sale
,
release of lien
,
lien
,
foreclosure
dquinter
says:
Compares and contrasts Short sales and Releases of Lien
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/df297319-95f5-402a-87d4-5c53a4ad881f/B5707495-37C5-4910-B3FA-DFE2440D2180/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bestshortsales.com/articles/archive/1013.html" href="http://www.bestshortsales.com/articles/archive/1013.html" style="font-size: 11px;">www.bestshortsales.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bestshortsales.com/articles/archive/1013.html"><P>Short Sale versus Release of Lien</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bestshortsales.com/articles/archive/1013.html"><P>In a short sale the creditor settles in full the amount owed by the debtor for a value that is less than what the creditor is owed. The remaining balance is forgiven. The home owner does no longer owe anything to the creditor.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bestshortsales.com/articles/archive/1013.html"><P>In a release of lien, the creditor removes its security interest in the property but the amount owed is not forgiven. The home owner still owes any balance owed to the creditor.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bestshortsales.com/articles/archive/1013.html"><P>A creditor that releases a lien will , prior to releasing the lien, make the home owner sign a new promissory note, not secured by a trust deed on the property, stating the value of the debt and the terms of payment. Typically creditors prefer short sales to releases of lien. This is because it is very hard to collect an unsecured debt from a person in financial hardship. This subject will be presented in further detail later in this chapter. Why and When Do Creditors Discount</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/B5707495-37C5-4910-B3FA-DFE2440D2180/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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