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tommyfourth asked:


100% loan, 80% first, 20% second. The home is worth about what the 80% loan is.

Who takes the cut on a short sale? Second lien holder, first? both?

Ronald E asked:


I need to get out of my house because it has become unaffordable. A short sale has been suggested to me. I have been in my house for 1 year and my home value has plummeted about 25K(I live in AZ) so I am not able to refinance.Will a short sale hurt my credit rating? Got any other options?

rinchman asked:


My rental home value has decreased by 50% and I cannot get it sold. My fiancee name is on the deed but not on the mortgage loan. Can I short sale it to her without any complications?

tommyfourth asked:


I can’t make the payments on a second home and it’s not worth what I paid. I have equity in my primary home and I make a good salary, but have lots of other debts. Is a short sale possible or do I need to be totally out of equity and money?
I must add that my outgo is much more than my income at this point. Even though I have equity and a good salary, I feel broke.

City-Girl asked:


When you Go through a short sale are there any benifits from that when you do your taxes at the end of the year? can you claim the loss?

veronica h asked:


Can someone still qualofy for a loan if they are in the process of a short sale?
Qualify sorry for the typo…

destini’smom asked:


We owe more money than what our house is worth. My realitor is suggesting a short sale or a foreclosure, what is the difference? Which will hurt my credit less?

ceeze07 asked:


I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?

sdmike asked:


If you get $50,000 of debt relief from a short sale (lender accepts $20k on a $70k note) is there a tax implication? How is that different from just forfitting the property through foreclosure?

Please don’t answer if you are just guessing - I can do that on my own

Silent Tiger asked:


Usually when I find a property that is in default it is vacant. In order to start a short sale do I have to contact the borrower or can I contact the lender directly? I only ask because it seems the only way I can contact the borrower is to send a letter and hope it gets to them and then hope that they answer it. Is there a better way?

Thanks in advance.