WARNING TO THE WISE: Never do a short sale, deed in lieu of foreclosure, allow a trustee’s sale, or a foreclosure to go forward without first obtaining both legal and tax advice. You cannot undo serious mistakes once the process is completed.
What is a trustee’s sale?
A lender uses a trustee to collect the money they have invested in the property by selling the real property at a public auction. If others bid at the auction then the lender is paid. If there are no bidders, then the lender becomes the owner of the property.
Both the trustee sale and foreclosure processes are set by the statutes of the state where your property is located. Not all states have the same law therefore it is very important for you to talk to an local attorney experienced in this area of law. Do not rely on the Internet to provide accurate information because each person’s situation is unique and will dramatically change the legal and tax advice that you should be given.
Never do a short sale, deed in lieu of foreclosure, allow a trustee’s sale, or a foreclosure to go forward without first obtaining both legal and tax advice.
You cannot undo serious mistakes once the process is completed. So not rely on any information from a realtor, next door neighbor or inexperienced attorney. This is your life, your future and you must be fully educated before making any choices. I do not say this in order to scare you, I say it because I have seen hundreds of people facing dire consequences that could have been avoided if they just sought competent legal and/or tax advice.
We have several videos on our web site. Below are just a few that might be of interest:
- “Lender’s Foreclosure Rights in Arizona”
- “Should I keep my home or let it go into foreclosure?”
- “Five Quick Tips on How to Find a Great Attorney”
- “Meet Ms. Drain and Suggestions on How to Hire an Attorney”