Foreclosure in 94941>Question Details

Mondamo, Home Seller in Mill Valley, CA

I have a home and i owe more than it is worth. Is foreclosure an option becasue if I sell to cover the mortgage I cannot pay capitol gains?

Asked by Mondamo, Mill Valley, CA Tue Jan 31, 2012

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5
Hi Mondamo,
The truth is foreclosure is always an option. You simply walk away from your house. I don't recommend it and cannot give you advice about the legal and financial implications you'd encounter from foreclosing. What I can tell you is that there are options out there that can allow you to short sell, offer the bank the deed in lieu of foreclosure, modify your loan (get a possible principal reduction, reduction interest rate), or sell and bring money to the table to make up the difference in what you owe and what you sell for.
If you want a consultation, I'm happy to meet with you and discuss your options. I can also refer you to two excellent attorneys and a tax professional to have your legal and financial questions answered.
Let me know.
Best,
Stefan
0 votes Thank Flag Link Thu Feb 9, 2012
Consult with a realtor for a short sale along with a real estate attorney and a CPA all at the smae time and get a game plan. If any of the professionals are not present at the time of the meeting you really are not getting the best options put forth to you.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@southerncaliforniashortsales.org
http://www.southerncaliforniashortsales.org
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Wed Feb 1, 2012
Your situation requires more details for the proper answer,

-Your initial purchase price?
-Your current loan balance?
-How many loans on the property?
-Your approximate current property value?
-Is this you primary residence?

Please feel free to contact me and we can discuss your options.

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference: http://www.oggikashi.com
0 votes Thank Flag Link Tue Jan 31, 2012
Have you tried a loan modification Mondamo, either Federal, or by the lender you currently have. If this or another type of mortgage restructure is not possible, then a Short-sale is the only other option than Bankruptcy. These are legal questions best answered by qualified attorneys and accountants.

There are consequences for any of these options Mondamo, so verify all information with only reputable/knowledgeable/ and qualified professionals.

Best of luck,

Rob
0 votes Thank Flag Link Tue Jan 31, 2012
The short answer is yes. Your best option is likely a short sale. As far as tax consequences, it's best to consult with a CPA. In order to answer your question better, please provide further details: do you have a first and a second mortgage? Are they with the same bank or with different banks? How far behind are you on payments or are you behind?

Feel free to call me at 415-200-7202.
0 votes Thank Flag Link Tue Jan 31, 2012
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