Whatever you do, get it in writing. Debt collectors may promise one thing over the phone and later not live up to it. If you do get something in writing consider making a counter offer of what you may have available immediately if the full payoff they are seeking isn't available or would put in into severe hardship. Do everything in writing and if they do call consider recording the conversations or at least take careful notes.... more
You really need to discuss your specific situation with an attorney and a CPA. Just as you'll see with short sales and loan mods, some will work, others don't, it depends on the individual situation.
Generally speaking, I know of some cases of deficiency judgments from mortgage insurers, but that doesn't mean lenders haven't or won't do the same. The foreclosing lender has 6 months to file, but junior lien holders may have up to 6 years. There can also be the possibility of tax implications, and you can get a general overview of that here.
What applies in your situation? I have no idea. I just hope this gives you an understanding of why you need specific professional legal and financial advice, and I don't believe that's possible here.
Your scenario is complicated but not new to this area with housing and unemployment . It would be better to discuss this over the phone or on private email. I would have a few questions for you. Congratulations on the new baby.
Dave Grant... more
You may only need to put 3.5% down if you qualify for an FHA loan.
Why don't you call/email me and we can discuss your situation.
John A. Brassner, MBA, REALTORĀ®
The Brassner-Martin Group
Residential and Commercial Real Estate
Prudential Americana Group, REALTORSĀ®
10777 West Twain Ave, Suite 105
Las Vegas, NV 89135
NevadaRealEstateCenter.com, 8REOS.com... more
The bank has the right to sue for a deficiency judgement for up to six months after they foreclose. I am not an attorney so this is just my opinion. I do not believe if the bank seeks a judgement, that it will specifically affect your property in California. Have you considered short selling your property in Las Vegas? There may be some advantages you may not know about. Give me a call at 702-335-5335.... more
You want a 1099 which is the tax on the forgiven debt.. Hopefully, you don't have a deficiency judgement which I believe they hav 6 months to come after. Yes, you should take with an attorney.. Time to Move forward, Have a great day. Penny O'Brien... more