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Before the housing meltdown, the term "short sale" was hardly part of the residential real estate vernacular. But now that about 11 million homeowners owe more than their homes are worth, millions ...
A short sale isn’t as straightforward as a traditional real estate transaction. You might need to work with an experienced real estate agent to find properties, and potentially with an attorney ...
A short sale occurs when you sell your home for less than what you owe on your mortgage. If a divorce, job transfer, job loss or other major life event leaves you unable to keep up with mortgage ...
The time periods for the "trustee's sale" or "power of sale" foreclosure process vary dramatically between jurisdictions. Some states have very short timelines. For example, in Virginia, it can be as short as two weeks. In California, a nonjudicial foreclosure takes a minimum of approximately 112 days from start to finish.
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property.Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. [1]
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
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Generally, "like kind" in terms of real estate, means any property that is classified real estate in any of the 50 U.S. states or Washington, D.C., and in some cases, the U.S. Virgin Islands. Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers".