Short Sale And 1099 All Locations : Advice

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Brian Flock, Real Estate Pro in Carlsbad, CA
Brian Flock answered:
What is the disadvantage to the seller on a short sale?
Loss of free time in the residence versus foreclosure. Plus most lenders are doing cash for keys after foreclosure anyway.

Extensive paperwork compared to foreclosure.

Some states ... more
0 votes Share Flag Wed Jun 1, 2011 Home Selling in Minneapolis
David Cooper, Real Estate Pro in Encino, CA
David Cooper answered:
If a home depreciates $30K in value and there is $5K equity, what are some options to make up the other $25 ...
What is the mortgage on your house. If similar houses are selling for $220,000 and you have a mortgage of $215,000, the $5000 equity will NOT cover selling costs, and you will have to ... more
0 votes Share Flag Fri Oct 7, 2011 Home Selling in 21234
Eli Givoni-S…, Real Estate Pro in ,
Eli Givoni-Short Sale Dept LLC answered:
Short Sale: Is it normal to close without having a letter forgiving the deficiency?
You will definitely need to have a Short Sale Approval Letter to close. Not all such letters forgive the deficiency. Every file is different. This decision is based on a variety of f ... more
0 votes Share Flag Sat Mar 9, 2013 Home Selling in 48082
Eli Givoni-S…, Real Estate Pro in ,
Eli Givoni-Short Sale Dept LLC answered:
Thanks for your responses. A short sale was suggested but it was mentioned that I still could be responsib ...
You can still do a short sale and keep foreclosure off your credit. We can try to negotiate with your lender to let you off the hook for the deficiency. We have been successful with t ... more
0 votes Share Flag Thu Apr 14, 2011 Foreclosure in Los Angeles
John Bennett, Real Estate Pro in Orlando, FL
John Bennett answered:
Short sale-does the listing agent have to submit back up offers to the bank? Our agent says no & tha ...
WHY just why would you do as you do? Do you not understand your chances of getting this home is just about 0?
Think about this. Why would the first offer fail? and then why would se ... more
0 votes Share Flag Wed Jun 1, 2011 Home Buying in Vero Beach
Elizabeth He…, Real Estate Pro in Agawam, MA
Elizabeth Herbert answered:
can I walk away from my house without worrying I'll need to pay back somedayr?
If the bank forecloses, you could be held accountable for whatever is owed after the eventual sale of the house, as well as the difference being treated as 1099 income and you'll o ... more
0 votes Share Flag Mon Apr 11, 2011 Foreclosure in 10606
Robert Range, Real Estate Pro in Reno, NV
Robert Range answered:
i short sold my home over 1 year ago (Feb 2010) ,can i buy with 20% down and credit score in the 700s? ...
You might with a conventional mortgage - it is too early for the FHA guidelines. It is going to depend on the investors guidelines on that particular mortgage product. Is the short sa ... more
0 votes Share Flag Sun Apr 10, 2011 Home Buying in Phoenix
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tim Moore answered:
my son found a short sale he really likes, should he make an offer lower than the sale price
Best to go with advice from his Realtor, they will know the market there. All markets are different, here you better offer 4% to full price and be ready to go above full when the bank g ... more
0 votes Share Flag Mon Apr 4, 2011 Home Buying in 49058
Michael Emery,  in Minneapolis, MN
Michael Emery answered:
I'm a buyer and my real estate agent gave me a portion of her commission. She also sent me a 1098 rece ...
Sure you didn't get a 1099 form?

If it's over $600.00 it might be considered reportable income.

When in doubt, check with the IRS (
0 votes Share Flag Mon Jul 27, 2015 Home Buying in 95141
Jay Hurst, Real Estate Pro in McLean, VA
Jay Hurst answered:
i have a FHA LOAN i owe $241k house is worth $235i want to do a short sale is it true with a FHA in ...
Just because you are upside-down, does not mean you have a short sale. You need to have a hardship - like you lost your job, missed 12 house payments, that type of circumstance.
Cash f ... more
0 votes Share Flag Mon Mar 21, 2011 Home Buying in Richmond
Kenneth "Kip" Nance answered:
what does it mean that SC is a deficiency state? Would the bank come after my other assets? all I have is 401k funds.
Hi Mary,

This means that IN SC the lender may reserve the right to attach a deficiency judgment to your estate for the amount of the difference between what is owed and what the hom ... more
0 votes Share Flag Thu Apr 14, 2011 Home Selling in 29579
William(Bill)…, Real Estate Pro in Asheville, NC
William(Bill) Griffin answered:
I am still confused about all this 1099 -A tax consequences .

The attached may help a little. Financial world is still upside down! Sorry about your difficulties!

Bill Griffin - Bev ... more
0 votes Share Flag Fri Mar 18, 2011 Foreclosure in Asheville
Spirit Messi…, Real Estate Pro in Tucson, AZ
Spirit Messingham answered:
Can I do a deed a lieu ? I am sole on mortgage, divorced, per divorce settlement permitted to sell home, x permitted to live theiir . both on deed?
I would recommend you speak with a Title company over your Title options and or also a Real Estate Attorney to go over your options and legal ramifications. Best of luck.

(Title com ... more
0 votes Share Flag Sun Mar 13, 2011 Foreclosure in 44720
John Bennett, Real Estate Pro in Orlando, FL
John Bennett answered:
I have recieved a 1099c form from my creditors. I am a UK citizen does this mean the debt is cancelled
YOUR lawyer can best advise you. Law and International law is way above our paygrade. I do have some
international CPA here in Floirda if you think they can be of help.

If so pl ... more
0 votes Share Flag Fri Mar 11, 2011 Foreclosure in Orlando
Nadine Mauro, Real Estate Pro in Lake Worth, FL
Nadine Mauro answered:
had to move for job relocation. Option was stay and be out of work. What can we do with the house? Its und ...
Hi Nmbound,

One of your options would be to do a short sale on the house. If you had to move for employment reasons and the revenue from the rent is not sufficient to pay the mo ... more
0 votes Share Flag Thu Apr 7, 2011 Foreclosure in 33322
Ray And Karen…, Real Estate Pro in Mount Dora, FL
Ray And Karen Levy answered:
I have a codo in the Springs in Longwood I want to get rid of so I can buy another home. Any ideas? I rent it out now but lose money every month.

Have you contacted your lender about a modification.

Check out the Price Law firm in Orlando.

They are well known and know how to get the bank to look at your case.

I ... more
0 votes Share Flag Sat Mar 5, 2011 Home Buying in Florida
Sally Grenier, Real Estate Pro in Longmont, CO
Sally Grenier answered:
is there recourse on a short sale regarding bank forgiving some of the shortfall?
I'm not sure I understand your question. What kind of recourse? For whom?
0 votes Share Flag Thu Feb 24, 2011 Home Selling in Ridgeland
Patterson Ra…,  in Austin, TX
Patterson Rausch Residential answered:
fell behind on my mortgage due to the economy & maternity leave, I want to avoid foreclosure, what is the best way to go. Looking at an invest.

There are programs in place to help folks stay in their home and you might qualify. Give me a call and we can discuss it.

RE/MAX Urban
0 votes Share Flag Sun Feb 27, 2011 Foreclosure in Dallas
Jim Mitchell, Real Estate Pro in Tempe, AZ
Jim Mitchell answered:
Deed in lieu of foreclosure
Gfrit, you're not likely to get much tax advice on this forum from real estate agents, but I'll tell you what I know through personal experience and a lot of research.

It&# ... more
0 votes Share Flag Mon Feb 14, 2011 Foreclosure in Arizona
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