Chapter 7 - Servicing Flashcards
If the property is leased, obtain copies of…
The lease(s). You should also obtain estoppel certificates from tenant(s) that they have no defenses or offsets against the landlord.
If the property is a common interest development, you should obtain copies of
The bylaws, CC&Rs, current financial statement, minutes of meetings, and any information about changes in assessments or pending legal actions.
What is a short sale?
In a short sale the lender agrees to accept the net receipts of the sale as a discharge of borrowers’ obligations. The advantage to lenders is that they save the time and money a foreclosure would require, do not have to secure the property, and would not be subject to holding costs or the expense of repair and sales expenses. In most cases, a short sale would be an advantage to the lender over foreclosure.
