Short Sale vs. Release of Lien


	Short Sale vs. Release of Lien

dquinter

6-4-2007 10:51 PM

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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;">&nbsp;</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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