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Hero or Ygrene Liens On A Short Sale
There are many homeowners who get solar panels or other energy efficient work done on their properties without realizing the full financial repercussions. Often the homeowners are surprised by how much their payment is increased. This is due to the liens being amortized over typically 10-15 years and that they have a higher interest rate than typical mortgage loans.
At times these liens are the straw that break the camels back and homeowners fall behind on their mortgage. They may find themselves with no equity in the home too due to the size of these home improvement liens.
Hero or Ygrene liens on a short sale can be challenging as they do not settle. They need to paid off in full or assumed by the new buyer. Depending where the numbers fall and how much debt would need to be assumed can be the make it or break it for a short sale with these type of liens as no buyer is going to want to purchase a property that is still upside down.
If you need short sale help or have questions, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.