If my mortgage company gives me a short sale and I have to pay a note .. Does that mean that I could get a 1099c after the note is paid off . To me

Asked by donnaattuscany, Boynton Beach, FL Tue May 21, 2013

That note means the 2013 deadline would not release me of a deficiency.
I looked up my lenders short sa short sale package and it had a spot to check off for a note could be issued and it also had a spit to check off for you owing a deficiency. I cannot afford either and now I am afraid to do a short sale.

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Teddy Jagess…, , Wellington, FL
Wed May 22, 2013
Not doing a short sale means FORECLOSURE and that means most likely the pursuing of deficiency plus legal and other related costs that is BAD. If the lender gives you a note most likely they will not give you a 1099C as the debt is not cancelled but just reduced (you should check with your accountant) and is still in effect only in a lower amount and different terms. Who is your lender? The short sale package is not what decides what the specific terms of the SS approval would be and you do not have to check a box you are not comfortable with until and if they insist on it, so do not be worried until you receive the approval letter, delay will only cause you to be in a situation where the deadline is approaching quickly and you have to rush and stress yourself out towards the end of the year. Call me if you wish NO obligation or Fees charged to you. 561 452-5963 - Teddy
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Paulette Bay…, Agent, PLANTATION, FL
Wed May 22, 2013
Attorney can handle a short sale with little to no cost to you. They would approach the Bank with a Waver of Deficiency which is the term for what you are talking about. You are loosing sleep over something that can be resolved by using the right people. Their are Attorneys that can represent the short sale and get you what you need.
0 votes
Tom Priester, Agent, Tequesta, FL
Wed May 22, 2013
Donna,

Much of a short sale depends on many, many factors and if your are current a lot has to do with the loan type, your lender(s) and their investors if they are just servicing the loan, your credit score and what is creating the financial hardship, etc. This is why it is so important to be working with a qualified legal firm in negotiating the file as you want to make sure that a waiver of any future deficiency judgement is included in the final agreement.

If I can be of help in any way just give me a call.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes
marc jablon, Agent, Boca Raton, FL
Tue May 21, 2013
You may first want to consult your attorney to see what consequences, if any, you would have if you short sale your Boynton Beach home.

At least through the end of this year, banks do not have to issue deficiency notices to people who short sale their homes. That could change as of 2014 if congress does not extend this act.

Typically, short sales can take several months; however, the larger banks are doing their best to expedite short sales.

You should also speak to your bank and tell them that you intend to short sale your home. They will immediately send you the necessary paperwork to start the process.

Among the things they will ask you for is a signed listing agreement with a real estate agent, along with a short sale addendum that says your home is officially for sale.

Your Boynton Beach realtor, along with title company you hire (paid for by the bank at closing, not by you) will take care of almost everything after you submit the required paperwork.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com

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