Asked by batata.chal, Concord, CA • Sun Feb 17, 2013
I bought house for 750000 in 2005. Bank offered loan with Heloc of 87k as down payment. In 2010 I moved to different house and put above said house for rent. I am loosing $700 per month. As I was still current on payment, bank denied my short sale. Now I have stopped payment and will stop payment for Heloc too.
Current house price is around $400000. As this property will be considered as investment property, what kind of consequences may arise for short sale or foreclosure? (Bank will lose around 180K)
As a rental property, adjusted gross for this house should be negative. Is this true? â€“ How should I calculate this?
Can Bank come after my asset for second loan? I think they cannot as they have offered the Heloc loan for purchase money down. I have never refinanced.
If I close short sale within 3 years since I made this as rental property, can I get advantage of debt relief act? ( 2 years out of 5 years stay as primary residence?)
If not, is it possible to do 1031 exchange?
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