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Short Sell House Knowledge Base
Why are realtors pushing me to short sell my house? I have a house for which I am under water on. I bought it for 100k but I keep getting hounded by a realtor to let them short sell it for 50k. I am just suspicious; is this realtor just trying to get the house cheap then re-sell at a profit?
what factors lead to buying a short sell house successfully? i'm about to write an offer on a house that is a short sale--what are the odds, if it is accepted by the seller, that the banks (first and second lenders) will ultimately allow the transaction to be completed? what are the red flags i need to avoid before making the offer? NO SPAM answers please. thx
I am in process of buying a short sell house. Am I missing anything? I am working with Bank/Seller's realtor. I do not have a realtor. House is 7 years old and in excellent condition. No work is needed as far as I can tell. I am going to have 1. Home Inspection with professional inspector 2. Home owner's insurence 3. Title insurence I just want to make sure I am doing everything I should be. I am buying this house with 100% cash payment.
Landlord wants to short sell the house i live in. What can I do? My landlord has decided to do a short sale on the house I live in. I have a wife and two kids that live here with me. I do not want them to have to deal with people showing and seeing the house. There is still 8 months on the original lease. Can I move out, or am i responsible for the lease until the landlord sells? Can I get my deposit back? Thank you
I am planning to short sell my house and I am worried about being taxed in Cal. because they onlyforgive 2008? It is about the new law in California that forgives short sale until 2008 only, if I short sell my house this 2009 will i still be taxed regarding the difference?
Do I have to fix/upgrade my house if I were to short sell it? Can I short sell my house as is or would I still have to fix/upgrade anything? I don't have any money to do this. I am trying to avoid walking away and letting my house foreclose. I owe more than what's it's worth and I do not have the money to fix it. Even if I did, I still wouldn't be able to get my money back when I put the house up for sale.
What is mortgage relief act? How will this effect a short sell on my house,I owe 160,000 house valued at? 57,000 because of foundation failure. We lived there 22 years,I had bad wreck cant work ever again,so we sold house for 60,000 Will we have to count difference on our IRS? I draw disability and I have know one to ask we cant afford 100,000 as income we are broke please help
A friend of mine needs to short sell his house, but doesn't want to loose it? Since you can't short sell to a relative, he has asked me to buy it. Then in two months time to sell it to his mom. This way can continue to live in his house. Is this shady? Am I safe, legally if I do this?
If i short sell my house, will the state of California consider the differance income and tax me on it? I understand there are a lot of foreclosures and short sales going on these days. Is California considering the forgiven amount to be income for the sellers? please point me in the right direction so I can do som addl research as well. Thanks! loan amount is about $270k, it would probably sell for around $200K. Purchased about 1 and a half years ago in Bakersfield. Ouch.
Is it possible to move into an apt and THEN short sell my house? Or will the lender frown on this? I'm afraid if the lender finds out that I'm paying both a mortgage and rent (during the short sale process) they will think I have no hardship and not go through with the short sale. Or will the lender even know if I move into an apartment?
Can you short sell your house even if you aren't facing foreclosure or bankruptcy? Like if you just owe more on it then its worth and you want to get out of it, can you shortsell it?
Can I short sell my house to the Wife? I am looking to short sell my home to my wife, my wife is not on the deed, she had signed a quit-claim and loan is in my name only. She is not on any papers. Is it possible? Is it legal? How to do it?
Moving- need to sell house FAST- short sale or what? Ok- owe $126M, house should appraise for $135M-$140M. I am planning on getting a realtor & trying to sell the normal way. I live in St. Louis, MO., and I want to move to PA in the summer so my son can start school in Aug-Sept. If the house doesn't sell by mid-July, isn't there a way I can contact the mortgage company and get them to buy it for the amount I owe? I'm afraid a "buy houses quick" place will not offer me the price I need to pay off the mortgage. The house is in great shape, clutter-free, and I think it will sell fast, but who knows in this market? I've heard of a short-sale, but it sounds to me like that occurs when you are behind in your mortgage, and you offer the mortgage co less than what you owe, and it sounds like it could affect your credit. Sure- I'd love to make money on this house, but when it comes down to it, if it doesn't sell, I'm willing to just get out without owing anything. Thanks in advance for your help!
Do I have to find a buyer if I go for SHORT-SELL of my house? I want to SHOERT-SELL my house. Do I have to find the buyer? What would happened if I could not find a buyer? Does the Bank go for foreclosure?
Can I sell my house as a short sale with tenants living in it? I have a contract with a property manager who has the house rented until Feb. I have been told by the bank to sell the house as a short sale. Can I sell the house as a short sale or will it be forced into foreclosure?
If a single person gets an approved short sell on their house, and then gets married a few days or week before? The short sell was approved last October and since that time 2 buyers fell out. This is the 3rd buyer and there is a back up offer. If this goes through the closing would be by 4/27 but the marriage license expires 4/24. The real estate agent says the marriage can't take place until after closing. So does the mortgage company/bank have that kind of power?
Need to "short sell" on my house what are my tax issues if any? I am in a forclosure situation: Purchase Price: 275,000 (2004) Refinanced in 2005 and took out a Heloc Heloc: 100,000 My estimated price for selling is going to be 330,000. Will I have to pay any taxes on the potential sell of my house. If so are there any ways out ie: proving financial hardship.
Can I short sell my current house after I get approved and moved into a new house? I'd like to move, but I'm 40K underwater on my existing house. Is there a way to pull this off without being required to get approved to carry both loans at once?
I am trying to sell my house it might end up as a short sell how would that affect the purchase of a new home? How does a short sell affect me credit wise and will I still be able to purchase other homes at a good interest rate? Will I still be able to buy another home after a short sell of my current home?
I had to short sell house I owe 159,000 sold for 60,000 house was appraised for 57 foundation problems,will i? Will I have to pay IRS for the difference? I had a good job until a bad wreck I will never be able to work again, please help me I am under so much stress
how to short sell housing? - not a bank short sale? You can short sell stock by selling it before you buy it, if you figure the price is going down. If you think house prices are going to drop further, how could you short sell houses or housing?
If we do a short sell on our house, will it show the same on our credit report as a foreclosure.? We live in the state of MO, and want to do a short sell on our home. We are getting different answers as to how that will affect our future (& current) credit rating. Will it show the same as a foreclosure??
Should I short sell my house? My ex-girlfriend and I bought a house right at the peak. We are now 100K under water and we are fighting like cats and dogs. I want out. What should I do? Should I simply walk away from the property or try a short sale?
How can I sell my house in a short period of time? We have a house close to downtown St. Paul, MN. We would like to sell and relocate very soon, our house is valued at about $190,000. It is a duplex on a corner lot with a driveway and a garage. The house does need a little work. We are looking to sell for somewhere about $165,000 within the next two months. Does anyone have any advice?
why does short sell on a house doesnt have a for sell sign in the front yard? the house is for sell in redfin listings but i thought every house had to have a for sell sign in their yard so people would know its for sell
Does anyone have advice on short selling a house? Does anyone have advice on short selling a house? My house is in the middle of foreclosure and im getting things in the mail, where people are wanting to buy my house. It doesnt say short sell anywere on the letter but I know thats what would happen. So is it a good idea to short sell my house of let if foreclosure???????? Please help
Would a bank rather sell a house short sale or put it up for auction? I put in an offer on a house that is being sold short sale by the current owner. The house was appraised at 270k to 280k by the bank. I put in an offer of $275k, 20% down, I have excellent credit, pre-approved by my lender, etc. I am not waiting to sell my current house or anything, so there is nothing to hold up the sale. I was told the day I put in my offer that the bank had already planned to sell the house in a foreclosure auction in 3 weeks. No one else had offered on the house and they were having trouble getting rid of it as the owners had been trying to short sale it for months. The sellers obviously want me to be able to buy it so they avoid foreclosure. Does it make sense that the bank would attempt to sell the house to me to avoid going to foreclosure auction? Don't they lose more money in auctions when they are not many buyers and they have to pay auction/legal fees? I am willing to pay them the market value of the house and the seller and buyer real estate agents don't believe the auction will go over the amount I offered.
Can I "short sell" a house under these circumstances? I bought my house nine years ago, and it is quickly deteriorating. the dry wall is arching inward like it is going to calapse and black mold has started to appear about 5 years ago, but i just brushed it off like it was nothing. i would like to personally sell it to someone who fixes up houses for the exact amount owed to the loan broker and pay them that money and buy or rent a new house. Any suggestion on how to do this or a different idea? (i owe 44,000 on it still and i do not have the money to pay someone to fix it up)
Can I Sell a house short, and shift balance to a new Mortgage.? I currently live in CO, and plan on moving to FL in about a year due to job opportunities. The problem is I own a condo that is underwater. I don't want to take a credit hit, so I want to try to do the following: Sell my current property for less than I owe. Buy a new property in FL that is being sold Short or Forclosed. Shift the balance left over from the sale into the mortgage for the new property. My expectations are that since I'm buying Short/Forclosed, my new house SHOULD be bought at less than it is worth. Meaning that the new property might be able to absorb the added loan amount for the left over balance. Primarily, my reasoning is that with the old place on my back, I am limited to shorts/forcloses at around 75k. This leaves me moving into Ghettos. If I can get that off my back, those shorts/forcloses should push me up to around 140k max. This should allow me to get into a much better neighborhood. Do you think the banks would consider this plan? IMO, this is safer for the bank. As it is, if they do not approve there is a good chance that if money gets tight, the one loan is going to default. With this, they'll get a good portion of the $$, and then still have collateral for the remainder balance, making it a safer investment. @ Common Sense. No, I DO NOT want to shaft one bank, and take a new loan. That's the POINT of the question. I want to get rid of the home, and then shift the current mortgage balance to a new one (hopefully through the same bank). This way, they DO NOT get shafted, instead they still have a collateralized balance. Example: My condo is worth 60k, I owe 100k. I sell my place @60. Buy a new place @140k and add the remaining 40k for a 180k balance. (Under the assumption that I can get a short sale/forclosure on a house that is worth at least 180k.
I have two houses but i want to keep one and do a short sell in the other house can i do this? how is this going to affect my credit and for how long.
Should I borrow money to sell my house or ask the bank for a short sale? I have to sell my house and it is worth less than what I originally paid for it. Should I borrow the $25K to complete the sale (and subsequently write off the loss on my taxes) or should I try to negotiate a short sale with the bank?
Can a Father Short-sell a house to his son in NY? My Dad is on the verge of losing a house he bought a couple of years ago and is trying to avoid foreclosure. He had an agent trying to short-sell it, but the buyer was bidding $10k less than the banks would accept. My brother and I are considering taking it off his hands. My questions is - Are there any laws that would prohibit him from shorting it to us? The house is in Suffolk County, NY. Any RE Agents, Lawyers, or anyone who has a useful link, please reply. As I understand it, if he short sells it, the loans on his credit will show as "settled" or "satisfied" vs. a foreclosure appearing on his record. Was I misinformed?
i have short sell for my house but the different i owed from the loan and market price around$ 100k .? i need to know is it possible bank will approve. some told me it's very hard but i don't want to foreclosure but i had 4 property which all i owed a lots more than it worth now. what should i do? do i still to keep up with my mortgage or just stop paying them. and if i do short sell do i still have to make payment.
What happens after a short sell goes through on a house? Why would I receive a 1099 form? What does it all mean and how does a 1099 form affect me?
If you get foreclosed on & they short sell your house for 10k under do they sue you for the rest? If you get foreclosed on & they short sell your house for 10k under do they sue you for the rest? I am in this situation where I have had my house on the market for 4 months; its in perfect condition; it has 20k in equity and I live in OK; but now its getting foreclosed on; I have it priced where I make nothing; I just want it sold; what is the best way to approach all of this; any advice would be appreciated; I just want it sold and done with; its in great condition; thanks any help would be appreciated
i may have to "short sell" my house - does anyone know (1) alternatives? or (2) consequences? I'm worried the short sell will destroy my credit but don't know of any other options. Does any one know of any resources I can contact?
What are the effects of short selling my house and foreclosure on my credit report.? What are the effects of short selling my house and foreclosure on my credit report.
Is it good for a sellers Lender to sell the house in short sale or move it to foreclosure ? I had put an offer for a short sale home and the sellers bankers(they have 2 mortgages). Not sure as if the lenders will accept the offer or not. 1)As far as lender is concerned does it make sense to accept OFFER during the short sale or move the property to foreclosure ? 2) Where do lenders make money ? or anything good for them
how can i sell my house fast on short sale? My mother and I bought the house together for $105K in 2007. And now we want to get out of the mortgage because we can't afford the payment anymore. Though we are current, we still filed for loan modification. But from reading many other posts/comments online, it doesn't sound like we would get approved for loan modification. I think it's just not right! But it doesn't matter because we both are going to move out of this house. We put up for short sale. But the question is HOW to sell it fast on short sale? The market isn't all that great, and my house needs some major repairs. We do not have the money for repairs. None at all. We barely have enough money to pay all of our bills including the mortgage. We have considered renting the house but from all the horror stories we heard about tenants damaging the house, we won't do it! It costs way too much money and it's a lot of responsibilities. Remember this again: We do not have the money. That's why we wish to speed up selling the house, but how is it possible? And if we do move to an apartment (we will live on our own not together anymore), and the house probably will go into foreclosure if it doesn't short sell in time. Please help...please advise. Thank you so much.
If a married couple owns a house in joint tenacy, can 1 spouse do a short sale without agreement of the other? In affect, could one spouse short sell the house out from under the other even though they are equal owners of the property and the second spouse doesn't want to do a short sell? As you can imagine, this is a fight between a married couple who are separated, but for which no divorce judgment has been rendered.
I live in California and have a rental property in AZ. If I short sell am I protected from tax penalties? If I short sell my house in Arizona. What are the pros and cons of the short sell. I live in California but have the rental in Arizona. What's insolvency and how do you claim that? What are my consequences of a shot sell vs a foreclosure?
i cant short sell or rent my house and need to move states do i forclouse or bankrupcy? i currently afford my house but im house poor also, how hard is it to buy a home with a forclousure on your credit
If I want to sell my house as a short sale and sell it for $100,000 less than what I bought it for.....? What happens to me? Am I responsible to pay that $100,000 back? Any suggestions or tips would be appreciated. Thanks.
I'd like to know why the banks prefer to sell a house on a short sale than lower the principal for the owner? I'd like to keep my house but the banks prefer to sell it lower than give me a reduction on the principal
Advice? short sale my house and live in rent to own house? I don't think I can afford to pay mortgage and my bills any longer. My interest is too high and with mortgage and bills, I'm paying over $8080 monthly not including spending money. My husband just started self employed and we both make about $9000 a month together and hardly have money left over. my question is that I wonder if I can short sell my house and than maybe look for those rent to own house and hopefully own a home again and don't fall into those high interest rate. Is that rent to own home really work? any advice?
Short selling house with a 2nd mortgage? We are looking to short sale our house in FL. Any advice from someone who has been through this? How long does it affect your credit and buying a new house? we have an equity line of credit on the house, can the bank make us reliable for this money? If so what legally can they do?
What can I do? My landlord is short selling the house after only 8 mo of our 4 year lease? I'd like to get out of the lease now and not ride this to the end, so I can settle our family again. Is this possible? She said she'd sell it stating there is a renter in it, hoping to woo potential investors, but I'm not sure I want to take the chance and potentially have to move at a more inconvenient time being forced out by a bank or something. Do I have legal rights to get out now?
can you still short sell your home after you recieve a trustee sale ? ok .. so my mom already sold the house in a short sale earlier today ,, but she found a letter of a trustees sale(when the county sells your house to a bidder ) that she recieved about a month from now . i want to know if she can sell it even with a trustees sale ? (ps we live in arizona )
Has anyone gone through a Short Sell on there house and used a company that did the short sell free of charge? I'm looking for feedback if anyone has used companies that do short sells for you. Are there any reputable ones out there? Anyone had bad experiences with them? The ones I'm talking with offer free of charge to do the Short Sell process on my home and I know nothing is for free. Any advice or feedback would be great.
If I sell my house as a short sale but never miss a mortgage payment until it is sold, will my credit suffer? Some people say my credit will still be harmed but none of them seem to explain why or what would actually show up on my credit report to cause the harm.
If your short sell a rental house...? The bank will send a 1099 and you will have to pay taxes on the difference between the sell price and the loan amount, BUT... can you deduct the capital and rental losses from that income? Also, our income exceeds the AGI limit to deduct rental losses. Will this still be deductible or can we still carry forward until our incomes drop?
I did a short sale to sell my house last year, what tax forms should i have to file my taxes at the end of yr? I sold my house in NC and am currently living in NY. I lost most of my paperwork in the move and am not sure what forms I would need to provide to my CPA to get my taxes done. please help
I would like to know if I could sell my house(short sale) and I will buy another house? My husband and I is having a hard time of going up and down and we want to buy or switch it to a 2 bedroom house, ours is a townhouse and we want move to a flat one, like a bungalow style , please advise.thanks
i live in california. i want to put my house up for short sell. will i be 1099 at the end of the year? will i be 1099 the difference of the loan amount and the amount it was sold for?
I am about to sell my house in a short sale.? Do to the bad economy and a decrease in pay, I am being forced into a short sale of my house. What can I expect and is it a painful and long drawn out process? How long does the process take to close on the house on average?
If I tried to sell my house (short sale) and I cant..can I hand over the deed ? Or will countrywide forclose on me? There was one buyer interested but they wanted 6000.00 from me or the bank for closing but the bank wont and I dont have that kind of money..obviously
If you short sell your house but never make a late payment??? What happens to you credit? I have a friend that has amazing credit, but they own a house they owe more on than it is worth and have to move out of state for work and renting the house out wont work because their mortgage payment it too high to have it be a break even,. So what happens to someones credit if they never pay the mortgage late but the sell for less than is owed?? My friend has 800 credit scores, she bought the house in the high of the market and it is now worth about 75K less than it was before. She has family back east she needs to go be with and lives in california, will a bank allow a short sale if you arent late on a payment??
Keeping earthquake insurance when short-selling house? If you're short-selling your house (not able to make mortgage payments anymore), and your current budget does not allow for extra expenses, does it make sense to cut out the earthquake insurance (cancel it altogether)?
If we don't pay the second loan after short selling the house, what are the legal actions the loaner can take? We had a short sale in our condo. We had two loans, the second being the home equity loan. The bank asks me to sign a paper saying they will forgive the first loan, but the bank has the right to collect the second home equity loan (a promissory note). If we don't have money to pay that loan, what legal actions can the bank take, given that we no longer own the condo?
I'm trying to sell my house, it'll be a short sale, I owe more than I can sell it for, what to do? When I sell my house with short-sale, my credit goes down.... so I'm really in a rutt. I'm paying too much money for the house I live in, but I can only sell it in term of short sale. How can I buy another house, when my credit score goes down?
Can cancel the sell of my house if its a short sale? I was buying another house but the deal fell out of escrow. We are almost to the point of closing, can I cancel the sell of my house?
how long does it take usually for a house to be short sold? how long does it take usually for a house to be short sold if the house just went on market a month back?what are the factors that will affect if the short sale happens or not?
If I short sell in CA, will the lender go after my ROTH IRA and 401K? I am trying to short sell my house, the lender is Wells Fargo. Does anyone have any experience dealing with a short sale? I have a 401k and ROTH IRA in my name, will the lender go after these if I do short sell, to recover some of their loss? What investments are safe, which are not?
HOW DO YOU SAVE MONEY WHEN YOUR HOUSE IS GOING TO BE SOLD AS A SHORT SELL? I have to sell my house because my hours was cut at my job. my seller informed me that i may have to do a short sell. That will be leaving me with no money after everything is done. And yet i still have to pay the mortgage and everything else pertaining to the house.So when i move out what am i to have left. Should i pay as much as i can or try to save some money now? My family say i should not pay the mortgage save up and and move out because it will be a while before the house is sold. Please help i am confused.
If one is upside on their current mortgage can one sell the house(Non-short)? and have the balance remaining 29k to a new loan and house kind of like they do when you have negative equity in a car loan and purchase a new car. Wouldn't a Forensic Loan Analysis help my case?
how bad will a short sell affect my credit later if a want to buy a house in another state? i am moving to another state and i would like to know how a short sell will affect my credit.
How does a mortgage short sell work, and how will it effect my credit? I'm tryin to sell my house in Michigan. We have had it up for sales for 2 months, and had only one showing. We can't lower our asking price any lower then it currently is without having to come to closing with money. (that I don't have) Since our realtor already lowered his commission he suggested talking to our mortgage company about a short sale. What is your opinion?
I am thinking of placing a bid on a house that is going through a short sell? The owners said that the house appraised for $109,000. I was thinking of placing the bid for $70-75,000. Is that reasonable? Do I need to go higher or could I go lower? If the bank doesn't accept the first offer could I make another offer?
what does it mean when a house being sold in short sale says, priced to sell.? i left an offer for the price they had it listed fore, three weeks ago.should i forget about that house and keep searching,or what should i do
What do you call the cash a bank demands from the mortgagee after short-selling a repossessed house? There is a legal word for the cash amount the bank requires if they sell a repossessed home for less that it's worth. I know there's a word for it, but I can't think of it. Can you help me out? Thanks! Thanks for setting me straight. The situation I'm talking about is.... My sister's house (mobile home) was repossessed by the mortgage company. The mortgage company sold it for $50,000 less than her remaining balance (I thought that was called a "short-sale"). I'm writing a letter on her behalf, and I know there's a technical word for that balance, but I can't think of what it is. Thanks for your help!
is it normal for a house in short sale to sell above its listing price? above or exactly at listing price?, please tell me what you think about this house http://www.ebby.com/details/-2333881.html in this particular case there were 6 offers, so tempted to offer exactly listing price
We have been trying to short sell our house due to my husband losing his job. We have been unsuccessful.? We are delinquent in our mortgage by 3 months and have received notices that if we dont have by November, the pre-foreclosure process will begin. My husband has started another job and we will be able to start paying again if we can modify the loan. Also, we would need to somehow tack our missed payments on to the end of our mortgage because there is no way we can it all in one lump sum. Is this something the banks would allow us to do or are they going to go through with the pre-foreclosure. What are our options? We have been unsuccessful in our short sell. They have already come out to appraise the house and denied the short sell.
Need to move out of state, but how do i sell my house when im upside down on it? I owe about 10-15k more than my house is appraised for (by the county). I also need to transfer to another state but dont want to foreclose on the house. What options do I have because short selling doesnt sound like the right option for me.
Is it true I can't sell my house to a relative on a short sale? Someone told me it's loan fraud.
Hi I am wondering if it be best for me to sell my house at a short sale price or let it go to foreclosure? I've been told that if it's sold as a short sale I will have to pay taxes and if I let it go into foreclosure I dont have to pay taxes. Is that true?
What happens if a house on a short sale doesn't sell? There was an offer accepted by the first lender but the 2nd lender wanted more money.
What is the TAX Implication on the Buyer of Short Sell Properties? Here's the scenario: - the house was put on Short Sell for $200K.. the owner still owes the bank $300K. - one of the bidders was able to get the house with bank approval for $200K. Question is....what is the tax implication on the buyer side on aboves case. Will the buyer be taxed on the remaining $100K as income? Anyway, can you explain to me what the buyer will owe from the IRS in this scenario? How will the buyer get taxed by IRS given this case this case?
Should I continue to make payments on my house even though we're about to sell it through a short sale? Our realtor is surprised that we have continued to make payments on our house thru the drawn out short sale process. I know that most people who choose a short sale have already defaulted on their loan, however, we have not. We've never paid late. We're very dedicated to having a clean credit report. (We unfortunately had no choice but to try to do a short sale because of some other circumstances). SO, I just want to know if it even matters (now that we're doing this short sale) if I make our house payments! My reasoning has been that I didn't want dings on our credit for being 30 days late...but maybe I'm all wrong...??? Thanks for any input!
Can someone please explain Home Short Sell? My home has been on the market 6 months. I'm struggling to pay the mortgage to prevent foreclosure. Is short sell bad? Will it hurt my credit? How long does it stay on the credit? Can I ever buy another house with a short sell on my credit? Will the bank allow me to pay the difference to prevent credit damage?
How long does a bank allow a house to be a short sale before it forecloses? We have bid on a house that is and has been a short sale for a few months. We know that the seller is eager, and willing to negotiate. How long does he have to sell his house as a short sale before the bank will foreclose?
Short sell on a house in probate? Okay so I am executor of the estate and the sole heir to nothing really. Everything that has any value bypassed probate. I would like to keep the home but I have come to realize that the property may be worth less than the mortgage. It has two mortgages, one was a home improvement loan for the siding. There are a lot of repairs that need to be done (stairs to porch is rotted, back deck is rotted, basement has flood damage, floors need to be redone, and roof needs to be replaced). These are just the things I know about just from visual assessment. I moved into the property a couple of months ago to take care of the pets and property because I lived too far away and the travel was killing me. How do I convey this to the lien holders? I am about ready to just pack up my mom's things, put them in storage and purchase a home elsewhere. The mortgage company has been hounding me for payment but there is nothing to pay them with. I could pay them off but I don't want to lose money. First is the property in the judicial probate system now? Yes Have you applied for the ability to do an Independent administration of the real estate? Yes Where is the property? Georgia It is rent-able for the mortgage payment? No Will it have a likelihood of increasing in value over time? Great potential but not a quick fix. Is it worth fixing up and renting? Yes, but like I said it will take a longer time than I have right now. And technically I am administrator, I filed in court and was appointed by the court. She died intestate. I'm not too worried about doing anything wrong, as I do have a lawyer. I have notified all creditor's and have also posted notice in the paper. They have 4 months left to submit their claims. But the house will be foreclosed on if something isn't done. There is no money in estate to pay them.
we just sold the house short sale and the remaining balance is 50,000? I tried to make arrangements with the collection company but they want 10,000 up front we just lost everything due unforseen circumstances I can pay a monthly fee and have rolled all other debt into dept relief what can I do
What are the pros and cons to short selling your house? Ok...everyone knows the real estate market is not too good right now so we are thinking of short selling our house. It is a house we bought for my parents and now they cannot afford it. Yea..yea...please save the lecture. I wish we had never done it. Can anyone out there please tell me more the pros and cons for short sell on a house. We've heard that we will have to pay back taxes at the end of the year if we did short sale our house? I am scared. Please help! Thank you so much in advance.
ok on a short sale who keeps the house i dont want to sell my house i just want to have it refianced? while still in bankruptcy so that i can afford to keep the house
im in the process of short selling my house in Va,but the lender is asking for 10K closing cost,is this right? 10K 5 yrs to pay 0% my lender is asking 10,000 as closing cost, payable in 5 yrs with 0%.i have a third party that is negotiating with the lender , and this is what the lender is demanding
What are the difference to sell houses with realtors and company's "Cash for house" ? I need to know what is the difference to try to sell my own house with a realtor agent and by my self using the companys (cash for house) the price of the house will be low?, the time to try the sell is long or short?, the amount to pay for the transaccion will be the same? or whatever difference between boths way to try sell my home.
Realtors: Need to sell house while allowing current owner to remain and rent short-term. Is this possible? My mother (the owner of the house) is terminally ill and at home under hospice care. She also requires caregivers 24/7, which her equity line of credit has paid for. Before this all began the house was paid in full. Now we've used $70,000 of the equity, but my mother is not eligible for a higher line of credit because of her fixed income. The house is worth more - we estimate $122K to $130K range, and we really need to be able to convert the remaining value of the house to cash to pay for her care. Is it possible to sell the house with a contract agreement that would allow us to rent month-to-month as long as my mother remains alive or is able to be cared for at home? While no one can guarantee how long this might be, one look at my mother makes it obvious we are talking about a short-term arrangement. The heirs (her children) have power of attorney so presumably she would not have to be involved in the sale. Does this sound feasible?
Is it possible to short sell your home without hurting my credit? I recently recieved an offer on my house that would still require me to pay over $20K, paying my relator and splitting the closing fees. Can I contact my mortgage company and initiate a short sell to avoid paying anything? If so, what is the process?
My friend bought a house for $675,000 2 years ago. The bank agreed to short-sell the property for $485,000.? My friend retired from his job and can no longer afford to pay the mortgage. Who else lose money aside from the bank and my friend?
I would like to know how I can know my house will be sold in a short time? I am an Aquarious and I want what I want right now. I have not ever not accomplished what I have set out to do, but my house has been for sale for a year, and want it sold now!
i sold my house through the short sale process. the mortgage got the amount they said they would be happy with how will this effect my credit? is this a positive effect or negative one?
Short Sell Los Angeles CA real estate? I am currently renting a home with the owner of the property. Last year he added me to the deed because he was bad with finaicls. I currently take care of the mortgage payments with check written from my account. Now the owner can't pay the mortgage. The house value has dropped. Can I buy the house in a short sale? Is it a problem that I am on the deed? And most of the checks for payment have come from my personal checking account? Can I remove my sell from the deed and then Short Sale?
If I start to negotiate a short sale on my house can my retirement (403b, IRA) be touched? I know that banks look at your assets when negotiating short sales, but are retirement accounts included. Is there a way to hide that money or any money? I am drowning under my mortgage, but I don't want foreclosure and bankruptsy. I owe 556,000 combined two mortgages and I still can't sell my house at 540,000. It was appraised at 640, 000 at the beginning of the summer, but there is too much inventory and too few buyers. HELP!!!
house in forclosure and trying for short sale? my house in in forclosure and i want to sell the house in a short sale. I need the banks permission first to do this and they have requested bank statments, tax returns and pay stubs..... I am concerned, they will have every thing they need to find me with... will or can they start pulling money from my paycheck??? should i send them the info they are requesting or not
What is a short sale and how long you have to wait to buy another house again? I heard a short sale in when you can pay or can sell your house for the amount you bought it for... For example I bought my house for $235k and now it cost between $170k to $190k, so it is upside downs for around $60k. I heard that I can hire a realtor he will sell it for a less amount and the rest the bank will "eat it". But I have to wait certain years to buy another house again. How many years do I have to wait to buy again?
can i sell my house without my husband? my husband has been missing for 3 months now. we own a 1 family house and mortgage is almost 4,000 a month..for the last 2 months i haven't been able to pay....i put the house up for short sale....how can i sell it without my husband, he is a coowner.
we sold our house on a short sale. our realestate broker told us we wouldnt have to pay the balance. now they? are trying to collect 80,000 through a collection agency. I sent a letter of validation which they have not responded to and they reported to the credit bureau as a partial loss. What does that mean?
anyone experienced foreclosure of a house before? what is the consequence that i should prepare, as i tried short selling the house, and the lender turned it down saying 410k or else. and now, looks like i got no other choice but to foreclose because the bank foolishly refused the good offer that has been waiting to happen. agent said bank will probably suffer lot more to foreclose now, what is to happen for me...? i'm so new at these... i hear gov't is doing investigation now to see why ppl got approved for home loans while back. rumor says gov't might maybe exempt or whatever to the credit issues for ppl like me. that's a dreamy thought.
Has any one bought a house being sold as a short sale? If so how long did it take the bank to get back to you with an answer? And did you offer less then the asking price?
my grandmother is away on vacation and i am short some cash would it be okay to sell her house?? she is like 67 and our family will probably be putting her into a nursing home soon anyway so she wont need it. its a nice house in a good neighborhood and should get a good price. with that money i will be able to quit working for awhile and relax.
Can you buy a new house while in short sale with your fist? We cannot afford our partially remodeled home mortgage any longer because of the arm. Now we have been trying to get out of the house we are in now for years because it's too small. We want to buy a single family home, ours is a townhouse, and start fresh. Our mortgage is more than what the home is worth. We were told we can buy a new home, move into it, stop making payments on the townhome while setting up proceedings for a short sale on the townhome. We were told that is really the only way to get into a new mortgage, since our mortgage now is only getting higher. Since you can't get a good mortgage or one at all with a short sale on your credit? Is that true? If so, are we still responsible for making payments until the home sells in short sale? If we move into the new home and the townhome doesn't sell for 6 months, will we be responsible for payments until then? How can we qualify for 2 homes? Especially since the laws are so stringent now. We live in MN if that helps. I do know what the definition of short sale is, thanks......That was rude. Also, we were just pre-approved for a new home mortgage. We are looking at very inexpensive homes, so our payments will be less than they are now because of the lower interest rate and no association fees. If you're not a mortgage or real estate professional then don't bother answering. I'm looking for actual answers, not just opinions. I knew I shouldn't have asked this on yahoo answers, any yahoo can answer.. Our situation is extremely different, and obviously I will be contacting mortgage professionals as well as real estate professionals in my area to discuss this further against the advice I've already received.
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