Posts from January, 2008

Who takes the discount in a Short sale when you have a second mortgage?

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?

Can a short sale hurt my credit rating? What are the ramifications?

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?

Can I short sale to my Fiancee although her name is on the deed?

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?

Do you have to be financially destitute to get a short sale approved?

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.

What are the tax Benifits when you go through a short sale?

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?

How long do you have to wait to purchase a home after a short sale or a foreclosure?

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…

Difference between short sale and foreclosure on my house?

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?

When does the IRS put a 1099 against a short sale or foreclosure?

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?

What are the IRS tax implications of a short sale and a foreclosure?

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

How do you get a Short Sale going once you have identified properties in default?

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.

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