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Real Estate Short Sale Questions and Answers |
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Question: How do you handle 2nd mortgages on short sales?
Is there a web page that explains, or does anyone know how I handle the second mortgage on a short sale? I've done a few short sales, but only with a 1st mortgage. I've tried a few with a second mortgage and I was told by the first mortgage, that the max they would allow the 2nd to get was $1,500. Another time, I was told by the 2nd that they wanted ALL of their money. They (HSBC) said that if they are going to lose out in getting paid, then why help the owner and out let the owner get away scott-free.Answer: Many factors in the second note, first an most importantly ...
Many factors in the second note, first an most importantly is it non-recourse or recourse, if non more willing to work a short since they have non-recourseAnswer: With most short-sales and foreclosures happening in areas ...
With most short-sales and foreclosures happening in areas where the market is already depressed more the 20%, most 2nds are already expecting to lose their entire investment, especially in hard hit and overpriced areas such as CA. Figure with a 100% financed property....80% 1st and 20% 2nd, the 2nd holder has no equity to claim. The escrow company is obligated to pay the 1st loan position before the 2nd.Question: Is a real estate short sale an option for me?
Hi everyone I am going thru a lot nowadays i'm single and expecting a baby in Jan. I am late on my house payments and don;t want a foreclosure I am very scared I spoke to my realtor and she offered to do a short sale in which instead of losing my house I would find a buyer for my house for less I owe about 405,000 on it and since homes are down right now I cant even sell it I will lose money if I do is anyone familiar with this please help I need advise. Thank youAnswer: A short sale has to be approved by your lender, not your ...
A short sale has to be approved by your lender, not your Realtor. And youe lender may have a Realtor they prefer you to use. I wouldn't wait, contact your lender today and try to work something out. Even if it means taking in a renter to help make the payments.Answer: you have to talk to your lender, they are the only one that ...
you have to talk to your lender, they are the only one that can grant a short sale, see what they are willing to take on the note, then after that info, you can try to sell the house
but just because a bank will take less does not mean that you will be able to find a buyer in this marketAnswer: The bank has to accept the short sale offer, since it will ...
The bank has to accept the short sale offer, since it will be taking less that the total amount that you owe them.
But if you can even get an offer, it might be worth trying, since a short sale will allow you to end the foreclosure. You won't get any proceeds from the sale or anything, but you won't be foreclosed and evicted, either.
Hope that helps.
ForeclosureFishAnswer: you can still make money of a short sale if you sell to an ...
you can still make money of a short sale if you sell to an investor and let them handle the short saleQuestion: For those who bought a house on a short sale?
How long did it take for the bank to accept your offer?Answer: Why buy it on a short sale? Buy a foreclosure. You are only ...
Why buy it on a short sale? Buy a foreclosure. You are only Baily out the second mortgage lender.Answer: Most ofshort sale negotiations take 2-5 days until an ...
Most ofshort sale negotiations take 2-5 days until an approved or declined offer.Question: What will show up on your credit report if you have short sale on your house? Will it be negative ?
Answer: It depends on what you negotiated with the lender. It may ...
It depends on what you negotiated with the lender. It may be that they released you from obligation after the short sale and it will only show the loan paid off. Then again they might hold you responsible for the remaining balance as well. Or they could just send the IRS an income report for the difference.
Basically, it really depends on what you negotiated with the lender.Answer: A short sale may be viewed as loan forgiveness or a loan ...
A short sale may be viewed as loan forgiveness or a loan settlement and not paid in full. Moreover it may be viewed as unpaid debt which is considered income by the IRS.Question: Any one Had to Sell their home in a SHORT SALE???
Did it affect your credit??? IRS payback??? Is it worth it???Answer: depends on your financial situation and I do not think ...
depends on your financial situation and I do not think anyone on here is qualified to determine that and give you specific legal advice. Maybe discuss this with a local bankruptcy attorney and see what they sayAnswer: It all depends on what you can negotiate with the original ...
It all depends on what you can negotiate with the original lender. There are several mediation companies that will assist with this for a fee as well.
As far as worth it, it depends on what you can negotiate, but lenders are very willing to negotiate amicable terms at this point. |
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