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Real Estate Short Sale Questions and Answers |
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Question: can an owner deal with the bank on a short sale if he has a buyer, with an offer in writing?
if foreclosure happens and property has a 1st and a equity line of credit from same bank that was done at the purchase date is it true that the 1st gets paid and the equity line goes awayAnswer: No, that's not true. If there are first and seconds, ...
No, that's not true. If there are first and seconds, the first gets everything due to it, assuming that the proceeds are sufficient. The second would get anything left over, and if there was MORE than that, perhaps the seller himself would get a few bucks out of the deal.Answer: If the bank forgives any portion of what you owe you are ...
If the bank forgives any portion of what you owe you are likely to get a 1099 and have to pay taxes on it as income.
If you have an offer for less than you owe contact the Loss Mitigation dept. with your lender.Answer: Unfortunately no! In order to do a "short sale" it ...
Unfortunately no! In order to do a "short sale" it must be done by a third party such as a RE agent/broker or an Investor/buyer. If you have a ready, willing and able buyer then I would suggest that you find a good RE agent/broker who knows how to do "short sales" and work with lenders. But remember it will be up to your lender if they want to do a "short sale or not. It will depend on your financial situation and their criteria. Don't just expect that they will accept a "short sale". But it is worth trying.
It sounds like you have very little equity or none at all in your property. If your property goes into foreclosure and it is sold, depending on who filed the default, the first position will always need to be paid first. Any junior loans (2nd, 3rd, etc..) will get nothing if there is nothing available after the first receives their payment.
We help homeowners such as yourself with "short sales" and other foreclosure options. I would suggest you not wait too long to resolve your financial problem.
I would be willing to review your situation and suggest some good options for you to consider regarding your foreclosure problem. If your interested then just contact me at your convenience. Good Luck!!Answer: Doing a workout depends on the bamk/lender, some are more ...
Doing a workout depends on the bamk/lender, some are more willing to work with you. You might contact your lenders loss mitigation department and see what options they offer.Answer: Nothing "goes away" unless the bank wants it to. ...
Nothing "goes away" unless the bank wants it to. They may agree to the short sale only if you agree to convert the shortage to a personal loan, or transfer it to a mortgage on other property you own. It is all up to the bank's loss mitigation people.Question: In a short sale, if the foreclosing lender sells to you at a dicounted price do you still have to worry?
about paying the second place lein holder/second mortgage? Would it just be better to wait till auction, where the second lein would be wiped out?Answer: The first lienholder cannot sell the property to you without ...
The first lienholder cannot sell the property to you without clearing the rights of the first lienholder. Assuming you are doing this in a conventional purchase fashion, you won't get title insurance until all liens are cleared and/or satisfied.Question: will a equity line of credit be taxed if it is foregiven by the bank on a short sale?
this loan is separate but done the time as original morgtage loan to pay ex wife in divorce settlementAnswer: You will probably get a 1099-C and have to pay income tax on ...
You will probably get a 1099-C and have to pay income tax on it.Answer: You will probably get a 1099 for the equity line.
You will probably get a 1099 for the equity line.Answer: You have to pay income tax on it, they will send you a 1099
You have to pay income tax on it, they will send you a 1099Question: Foreclosure? Short sale?
We're on the verge of foreclosure. We've been 2 months late on our SD property-an investment property. We need advice if foreclosure or short sale should be opted. What would be consequence if we choose foreclosure? Will the lender go after us for the deficiency? How about if short sale?Answer: A short sale is just a last ditch effort before foreclosure. ...
A short sale is just a last ditch effort before foreclosure. Usually it's a way to save you foreclosure on your credit and hopefully recover as much money as possible for the lien holder.
Try the short sale option, if your lender will allow that. Not a good market for it, but it's a better option than outright foreclosure.Answer: In California, the lender is sol in going after you if ...
In California, the lender is sol in going after you if it's purchase money. It would sort of affect your credit though. You can try to sell, but with others also trying to sell it may not work out.Answer: short sale is your best option. means they will accept the ...
short sale is your best option. means they will accept the sale price as the amount you owe on the loan and that is it. if you go to foreclosure and the property doesn't sell for as much as you owe-then they come after you for the difference. in a short sale--they do not.Answer: You also have the option of mitigation of the debt. Your ...
You also have the option of mitigation of the debt. Your lender shold have a mitigation department that specializes in this. They can lower your rate, extend the term, etc to try and make the payment easier for you if you qualify for it. They would also be the people to speak to about the short sale as well so you could just kill 2 birds with 1 stone.Answer: Useful Informpation On Foreclosures
http://on-real-estate ...
Useful Informpation On Foreclosures
http://on-real-estate.blogspot.com/search/label/ForeclosureAnswer: Consequences of the foreclosure include losing the home, not ...
Consequences of the foreclosure include losing the home, not seeing any profits at all, having your credit scarred with a full foreclosure, and having to explain to landlords afterwards that you failed to come to any kind of solution to resolve the foreclosure. Not to mention having to move furniture, things break, get lost, get stolen, etc.
The lender probably will not go after a deficiency, unless they know that you have a lot of liquid assets and just went into foreclosure to avoid paying your bills. If that's not the case, then it would cost the bank more in time and money to sue you after the foreclosure than they would ever be able to collect. Lenders almost never sue the homeowners after the house has been foreclosed, because they know there is little chance of recovering any of the judgment and the bank will not want to act as a collection agency.
If you do a short sale, there is no deficiency, and the loan is shown as paid in full on your credit. The lender forgives the remaining amount of the debt that is not paid through the short sale, and can not sue for money it has forgiven. You may have to pay taxes on the amount forgiven, though, since the IRS considers this to be income, like the bank gives you the extra money to be used to pay off that portion of the mortgage. Check the tax laws for the exemptions and ways around paying this, there are protections for homeowners in foreclosure, of course.Question: What happens when you do a short sale on a house?
Lets say I owe $358. Lets say the bank accepts a short sale of $300. What happens with the remainder of the $58,000? I know I get taxed on it, but I am not responsible to pay that right?
Also, what happens to the equity line that is with it if it is not paid? Do they come after you for what you owe on that?Answer: If they don't get enough out of the short sale to cover ...
If they don't get enough out of the short sale to cover what you owe them, you still owe them the difference.
If you have a home equity loan on the house, once again, you still owe them the money.Answer: Hire a LAWYER or you are going to be paying for ever or ...
Hire a LAWYER or you are going to be paying for ever or filing for bankruptcy.Answer: If you bought a house for 358 thousand dollars you can hire ...
If you bought a house for 358 thousand dollars you can hire a lawyer. |
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