Short Sale 3 – Foreclosure, Mortgage & Real Estate Marketing Jan09 – Home Owner Hardship Letter
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decide what they are going to do, especially if its a family, they are not in such a rush to move, they can keep their kids in the same school district, there are so many reasons that that is a good advantage. So Kalyn the truth is that homes that are occupied generally are better off and easier to sell than vacant homes right? So long as people are in the house and taking care of the house, if the house looks lived in but not trashed. What youre saying is lenders would just as soon leave …
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Do I need to report the equity "cash out" from mortgage refinance as income?I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to "cash out" some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it's accessible, if needed). I know the government tries to take a piece of everything, but this is MY money. It's not "wages" — does that make a difference?
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July 16th, 2009 at 8:52 am
If you are at the point of losing the two house and filing bankruptcy, your credit is already down the toilet. You might salvage a bit if you can find buyers at short sales then file a Chapter 13 plan to pay off part of your debts and keep your one house.
Except for this piece of advice: "Do retain an attorney to handle this because it is not a do it yourself project" don't put a whole lot of faith in responses (including mine) to your post.
July 16th, 2009 at 9:45 am
Yes, if the lender agreed to a short sale they gave him a time limit to find a buyer. They will not do anything during that time limit as long as he is making payments. If he is not paying them they continue to ding his credit, but not foreclose.
July 16th, 2009 at 2:39 pm
Short sell its cheaper for you and 13 puts you as a bad risk for future 7 years credit. Can you have someone take over the mortgage for free. you lease from them or whatever.
July 17th, 2009 at 9:13 am
July 18th, 2009 at 1:33 pm
Your Realtor will get paid – the lenders are very savvy and they know that Realtors sell homes more quickly and for higher sales prices than FSBOs. They are willing to pay broker fees and typical seller's costs. This is a complicated transaction. You should use a professional to help you navigate through it. Just make sure you have an agent that is familiar with the process and that they are working with your lender from the start.
July 18th, 2009 at 9:16 pm
You should check with a lawyer that specializes in real estate. A consult should be free. Many banks are willing to modify terms, especially since the bank bailout bill.
Forclosure should be avoided at all costs.
If you sign the deed in lieu, then you should have it in writing that the lendor will not pursue a 1099. As I said, a good real estate attorney can assist with this. His/her time will cost money, but save you even more.
July 19th, 2009 at 12:21 am
To answer your first and third questions, there are more people involved in a short sale compared to a foreclosure. In a short sale, there is:
1) The current homeowner/the seller and their agent
2) The primary lender
3) A possible secondary lender if there is a home equity loan
4) An insurance company if there is a PMI policy
5) and finally, the buyer.
Also keep in mind that none of the first four listed want to take a loss. So not only is there a coordination problem, there is also a battle among the four as to which party will take the loss. When the home goes into foreclosure, the lenders, the homeowner (now former owner) and the PMI company are forced to resolve their issues and the primary lender takes ownership of the home. So now when the bank puts the home on the market, any potential buyers will only have to deal with one entity.
On the second question, the home will sell for less. However, if there was a PMI policy then the insurance company will cover some or all of the loss. This is one of the reasons AIG needed a bailout.
July 19th, 2009 at 4:35 am