What is an example of a Short Sale?
A typical example is where the house is worth $200,000 and the mortgage payoff is $225,000. The mortgage holder may agree to accept only $188,000 after the realtor is paid.
A more complicated example may involve a first and second mortgage. Say the house is worth $300,000, the first mortgage payoff is $310,000, and the second mortgage payoff is $40,000. The first mortgage company may agree to accept $270,000 and the second mortgage company may agree to accept the remaining $12,000 after the realtor is paid.
What are the Pros of a deed in lieu?
Just because a medical provider elects not to sue does not mean you won’t have debt collectors harass you for payments. Carolinas Medical Center or “CMC” does on occasion sue patients and sometimes their spouse for medical treatment. I have even seen a widow sued for $80,000.00 after her husband died in the hospital. Talk about asking for a counter-suit for medical malpractice. Also be aware that many hospitals and medical providers like Carolinas Healthcare System offer financial hardship assistance.
Generally speaking if you are behind on your car payments or fail to maintain required insurance that triggers a "default" under the contract. Upon default, the lienholder usually has the right to immediate repossession absent some "grace period" provided for in the language of the contract. That being said, creditors do not have the right to “breach the peace” during repossession. So what exactly are the repossession rights of a secured creditor upon default?
Let’s first look to the actual statute: