Jose Baez Water Lilly Lane house short sale - HO

Jose Baez Water Lilly Lane house short sale
Posted on 16 July 2012 by humbleopinion

Jose Baez can do a lot of smack talking on the media circus, but his credit isn’t the cleanest around.

Looking around the web at real estate sites , I see that Jose Baez Water Lilly Lane house is for sale, on ‘short sale‘ terms. What is a ’short sale‘ you ask? Well it’s when you have to sell your house for less than you paid for the house. The seller must qualify for the ‘short sale‘. Example Baez bought his house for $670,000 back in 2007 [of course this is when the housing market was sky high], today the house is up for sale for $269,900. We know he was behind on payments in 2010, and now the house is worth way less than he paid for the property. In some cases the amount the house sells for is enough for the lien holder, in others the rest of the loan is called deficiency and ’short sale‘ agreements do not necessarily release the borrower from their obligations to repay any deficiencies on the loan. First you must send the offer to the seller, the seller must agree on the price and then the lenders get the offer. It isn’t easy to purchase a ‘short sale‘ and the process can take up to 6 months.

Baez house was in pre-foreclosure in July of 2010.

DOCSTOC LINK: http://www.docstoc.com/docs/124361528/Jose-Baez-short-sale-water-lilly

What will Baez credit report possibly say? Well it probably won’t be the best, and reneging on payments is by far not the best! According to Short Sale vs. Foreclosure, his credit could read: ‘paid in full for less than agreed‘ or ‘settled for less‘. We do know that Baez isn’t new to failing to pay, he was behind on child support payments also!

According to a Trulia website, Baez house has been on their website about 56 days. Does sound like to me that the banks are giving Baez a break and maybe letting him off easy. I am unsure what kind of excuse he gave them, maybe it started like this: When Jose Baez was just 8 years old…….

From Zillow.com:


http://www.docstoc.com/docs/124361528/Jose-Baez-short-sale-water-lilly