Legal Question in Credit and Debt Law in Florida

Realistate Question!

We owe more than our realistate Property is worth by $30,000-$60,00 and have an ARM that just increased. We can afford our payment but is very tough and can't refinance. We tried everything from working with our lender explorring forclosure. Our only option at this point is to short sale or foreclose. We have accepted this option and the impact on our credit. I found a company called Wilshire Holding Group, Inc that buys your property for what you owe. Their website is WilshireHolding: short sale real estate, short sale antioch, what is a short sale in real estate, tips to avoid foreclosure. What they do is buy your property through assuming your loan subject to its original terms and transfer the deed. They then work with the lender to shortsale/foreclose the property. They provide you with a purchase contract, loan assumption agreement, executed transfer deed and HUD-1 settlement statement.

Is this really legal and can the bank come after our assets/ Wages?


Asked on 9/04/08, 11:45 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Realistate Question!

Short Sales are legal, but I'd be wary of any company that purports to do what Wilshire Holding is doing. you should have an attorney review the documentation before signing ANYTHING.

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Answered on 9/05/08, 3:06 am


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