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Bank owned bob lachance debt negotiating foreclosure auction foreclosure class foreclosure course foreclosure mortgage foreclosure property foreclosure training foreclosures investing in real estate loss mitigation patrick precourt Preforeclosure Real Estate real estate foreclosure investing real estate investing real estate investing beginner real estate investment real estate investors real estate short sales reconveyance REO short sale mortgage short sale training Short Sales
This week’s Preforeclosure “Tip of the Week” from PreforeclosureDailyGrind.com’s Bob Lachance and Chris “the Drummer“ Bowes is about what a “satisfaction of debt”, a “cancellation of debt”, or a “Reconveyance” really means to real estate agents and investors after a successful short sale transaction. This topic is often misunderstood, even by the experts, so make sure you listen in! We also cover how to find out your states actual timelines to record a satisfaction of mortgage, the penalties that each lender could be charged if they don’t do their job, condition #6 on a Litton Loan Servicing short sale acceptance letter and much more. Visit www.PreForeclosureDailyGrind.com for more short sale videos and www.ManageMyShortSale.com for the “industry best” short sale and loan modification management tool.
Good luck with this…keep us posted.
I am going through the same thing in WI with my title company…on a property we actually bought and held for almost a year before we re-sold it. The foreclosing lender (USB) never recorded the release and is giving the title company a hard time about it. I may have to do a little more checking into this and see what the remedies and timelines are for Wisconsin.