We are seeing the junior lienholders refusing shortpays because they feel better off with their option to go to court for a judgement after the senior lienholder forecloses. Of course the junior lien will be extinguished when the first trust deed holder forecloses. However, their promissory note is valid although now unsecured. The second lender obtains a judgement good for 10 years at 10 percent. After 10 years if still unpaid, it can be renewed for another 10 years. This is why we see these second trust deed holders so uninterested in short pays.
Why are these showing as my listings?These are not my listings: $9,500,000 9861 Andora Ave Chatsworth, CA 91311 5 br, 6.0 ba, 7,018 sq ft , 1975 Days on Zillow: 14 $559,000 16713 Celtic St Granada Hills, CA 91344 5 br, 3.0 ba, 1,862 sq ft , 1953 Days on Zillow: 49 $379,000 17221 Roscoe Blvd UNIT 20 Northridge, CA 91325 2 br, 3.0 ba, 1,439 sq ft , 1979 Days on Zillow: 50 $509,900 16954 Labrador St Northridge, CA 91343 2 br, 2.0 ba, 1,780 sq ft , 1961 Days on Zillow: 53 $1,300,000 20338 Via Medici Northridge, CA 91326 4 br, 5.0 ba, 3,905 sq ft , 2001 Days on Zillow: 53 $499,000 7021 Louise Ave Van Nuys, CA 91406 3 br, 2.0 ba, 1,622 sq ft , 1951 Days on Zillow: 80 $1,125,000 19847 Hiawatha St Chatsworth, CA 91311 4 br, 4.0 ba, 3,029 sq ft , 1976 Days on Zillow: 81 $575,000 16823 Lahey St Granada Hills, CA 91344 4 br, 2.0 ba, 1,562 sq ft , 1958 Days on Zillow: 93 $629,000 8619 Tunney Ave Northridge, CA 91324 3 br, 2.0 ba, 2,070 sq ft , 1957 Days on Zillow: 114 $519,950 11716 Gerald Ave Granada Hills, CA 91344 3 br, 2.0 ba, 1,250 sq ft , 1959 Days on Zillow: 173
Zillow should "DATE" all postings. That goes for make-me-move, for sale, reported for sale, discussions. ALL postings should be dated with the date, month and YEAR also! For example, the present owner of 706 Carlsbad St Milpitas CA 95035 says it's not for sale. Perhaps it was the previous owner who posted the make-me-move price. If you would put the DATE, at least the Zillow community would have a CLUE! Thanks. 4re.biz
Why have Banks decided to stop responding to offers in regards to a "Short Sale" ?!
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