We agents are not to provide legal or tax advice. You should talked with an attorney regarding the potential ramifications of a deficiency judgment, and tax adviser regarding tax consequences. If your loan/short sale hold you to the potential of a deficiency judgment, it may prevent you from purchasing in the future as that debt may pop up again.
Seek legal advice from a trustworthy Real Estate Attorney.... more
Call the attorney or bank that is processing the eviction and you will get a quick answer and maybe they will work with you. It might not work, but it is worth a try. The time frame varies from state to state but rather than going through a eviction it can be easier if the bank knows you are going to vacate the building. In wisconins the confirmation after foreclosure is 2-3 weeks and then the sherif will be processing the eviction with in a week.... more
Are you listing with a Realtor? If you do then what are you waiting for ? ask you agent to send at least one offer in to see what the bank says? if there are offer s on the thouse the bank will postpone the foreclosure. When they delay the foreclosure process then the sale date will be delayed too. If you have 5 offers then one of them would be good enough to make the sale and you can avoid the foreclosure and the dent on your credit. Remember while you are waiting for the lender to approve the shortsale, you are still responsible for the interest accumulated on you rmortgage plus late charges. One thing to save you is not to pay the property tax no more. The bank will take care of it when they shortsale your property. Check with your CPA or tax accountant for your tax with the shortsale. Good luck.... more
Some good info below. I liked Jim Walker's answer!!! I highly agree with the Realtors who said the real estate is very local. I want to mention that prices can move differently within different price ranges eg in my area, low end and high end homes sell better than mid-range homes. In the low end, there isn't a lot of inventory. The high end is a small market and buyers tend to be from out of state. The mid-range is having the toughest time of it.
In prior years in some areas, condos appreciated faster than single family homes. Subsequently, prices fell faster on condos. So you need to consider your local market and also the price performance of the individual segments of the market to get a complete picture.... more