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Foreclosure in Hammond : Real Estate Advice

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  • Home Buying24
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Activity 4
Wed Nov 9, 2016
Neil Roxas answered:
Hello,

Upon checking on the property address that you have provided, it shows that the property in this particular address is in public record status or is off market. That being said, we can no longer provide any information regarding this home.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/

Thank you for using Trulia!

Neil
Consumer Care Advocate
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Wed Apr 25, 2012
Irina Karan answered:
The key to your question is if you have a hardship - to do the short sale, which is usually the best way out in case of investment property. If you prepare your Profit & Loss, as well as your net worth sheet, you might be surprised - and found to be insolvent, even despite your assets. This is because your mortgage is a huge liability, and the value of the property is much less than what's owed.

I have seen many people thinking that they didn't have a hardship, while they actually did.
This is a question for your CPA, who needs to understand your overall financial situation and your goal of ridding yourself from your investment property.

That's how luxury property short sales are done - it does not matter what income you have, if your expenses are bigger than the income...just to give you an example.

Other options are: having the buyer contribute to your "deficiency" amount, having "soft note" that you slowly repay to the lender after the short sale (if you are not able to obtain the waiver of deficiency), some people move into their rental properties to have the benefits of principal residence tax exemptions...Making this property your principal residence can open other options for you also (short refi, HARP).

You got to meet with your local CDPE (Certified Distressed Property Expert) realtor, a few of local attorneys (but not bk attorneys - as those might point you in the wrong direction), your CPA (if he is knowledgable about short sales and their tax consequences - because some aren't)...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
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0 votes 8 answers Share Flag
Fri Jun 19, 2009
John asked:
Need a fair-priced R.E. lawyer for quit-claim deal with a an out of-state bulk REO company. I am buying a as-is previously foreclosed on property in Hammond. I will be responsible for…
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