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Short Sale And 1099 All Locations : Nationwide Real Estate Advice

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Showing results for Short Sale And 1099 [Clear search]
Wed Nov 7, 2012
Gail Gladstone answered:
They need guidance. They need to understand that they will be forced into foreclosure which is far worse than a short sale.

Please advice them.
0 votes 10 answers Share Flag
Thu May 30, 2013
Cory La Scala answered:
Hi There,

I guess lenders aren't doing them, or you'd have had at least a few responses.

When there's risk to a potential creditor, in this case you can't prove you'll be able to make the loan payments, you'll need to lessen the risk to the lender somehow. For loans, it's usually in the form of higher interest rates. If your only source for a loan is private money, from a private lender/investor, you'll be paying a LOT more in interest, which will lessen the amount you can pay for your property.

My suggestion would be to work on getting employment that will be enough to qualify for the loan amount on the home you want. I know it's more difficult now, but you do have a nice amount of money for a down payment, and if you can add to that, you'll be able to buy in two years, the amount of time lenders want to see you employed. $70K is enough for a 20% down payment on a conventional loan for a $350K home. Your payment would be roughly $1725/mo, so that's the payment you'd have to qualify for. If you're buying a condo, you'd have to take the HOA fee into consideration, so your purchase price would be less. Or, could buy something for less anyway, and have a higher down payment, and that will lower your monthly payment, so your income could be less.

Good luck to you, and let me know if you have any more questions.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421
Lic # 01443391
... more
0 votes 5 answers Share Flag
Thu Apr 28, 2016
Meredith Drews answered:
It is really best for you to pose your question to your tax advisor. It's outside the scope of expertise for a Realtor to answer.

Best of luck.
-Meredith
0 votes 6 answers Share Flag
Tue Oct 15, 2013
Sameer Punjani answered:
Tue Oct 9, 2012
Nick Socha answered:
When is your sale date?

Give me a call Sunday morning, or in the next few minutes if you want.

We can discuss your situation and see what can be done.

My number is 310-647-7785

Nick Socha
C21 Amber
DRE #01831474
... more
0 votes 12 answers Share Flag
Thu Feb 7, 2013
Christopher Richardson answered:
I think as an investment it does not make sense to lose money every month. There are some advantages to doing a short sale this year. i.e. the mortgage debt forgiveness act. check it out here:

http://www.irs.gov/uac/Mortgage-Workouts,-Now-Tax-Free-for-Many-Homeowners%3B-Claim-Relief-on-Newly-Revised-IRS-Form
... more
0 votes 14 answers Share Flag
Sun Oct 7, 2012
Cleve Shirley answered:
Contact Jacalyn Blank at Short Sale Solutions. 866-593-7755 X. 102

She will complete a financial review for you and determine whether or not, with a very high degree of certainty, you will qualify. Check web reference for more info....

Best,

Cleve
... more
0 votes 7 answers Share Flag
Sun Jun 16, 2013
Anna M Brocco answered:
It's really in your best interest to consult with an attorney who specializes in real estate; don't simply rely on online information....
0 votes 5 answers Share Flag
Mon Jan 27, 2014
Tim Zielonka answered:
Consult an attorney right away! A Realtor should never advise you to stop paying your mortgage. You're in a very dangerous situation. Walking away from the property and doing a foreclosure will severely damage your credit, and you may be left on the hook for the remaining balance of the loan after the bank resells the property after it has foreclosed.

The relocation may be enough to get you qualified for the short-sale. I'm also sorry to hear about your disastrous experience with your current Realtor.

Keep in mind that your credit will take a slight beating as a result of the short sale. However, it will not be nearly as bad as it would if you go through the foreclosure.
... more
0 votes 17 answers Share Flag
Wed Mar 18, 2015
Laurie Christofano answered:
Many people have done this, but an article I read yesterday points out that this is considered mortgage fraud and they will be going after people who did this, and they're not only looking for money, they're looking to jail people who have done this. If you have a legitimate hardship and cannot afford the home, then a short sale would be a good option for you, but you won't be able to turn around and get a new mortgage right away.
http://realtormag.realtor.org/daily-news/2012/09/17/mortgage-cops-target-strategic-defaulters?om_rid=AAB3lW&om_mid=_BQV0yGB8uDFsxF&om_ntype=RMODaily
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0 votes 10 answers Share Flag
Sat Sep 15, 2012
Aaron Sims answered:
http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
888-995-HOPE (4673)

I just looked up HAFA and got that phone number from the above website. You are represented by a Realtor so it would be unethical of me or anyone else here to give you advice. If you believe your Realtor has been less than honest and not represented you as you believe she should have then you should try and speak to her, her office manager, or broker. HAFA seems to be something run by the Government so not sure your Realtor can do anything about it, I could be wrong though.
I wish you the best!
... more
0 votes 4 answers Share Flag
Thu Aug 25, 2016
Aaron Sims answered:
There are worse scores, however these days one typically needs a 640 to qualify for a mortgage from most lenders. A few go as low at 620 for some programs, and very few, though I occasionally hear about it, will have a program that goes as low as 600. I’d recommend getting your credit up to 640, you’ll have better rates and an easier time qualifying for what would be the best mortgage option for you.
Best of Luck!
... more
0 votes 25 answers Share Flag
Sat Sep 8, 2012
Glen Mitchell answered:
not necessarily... for example if you are insolvent you would not owe. You need to check with your tax person for help here. If you don't have one this may be a good year to hire someone. ... more
0 votes 6 answers Share Flag
Tue Apr 30, 2013
Stephen McRory answered:
-
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Reasons to purchase now: 3 'R's

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Steve McRory

Pro Option Mortgage/ Florida

www.Pro-Option.com

steve@pro-option.com

Ph: 888 662 4404
... more
0 votes 10 answers Share Flag
Sun Mar 31, 2013
Michael Braillard answered:
I've sold plenty of short sales for people in your situation. In fact, I can speak personally on what it's like to be a short seller. I'd love to help. Feel free to shoot me a call.


Michael Braillard
Caldecott Properties | REALTOR
925.570.7099 Cell
510.594.2400 Office
510.594.2424 Fax
Dre Lic. 01369899
Caldecott.com
... more
0 votes 10 answers Share Flag
Sat Aug 25, 2012
Kylee Roe answered:
That does not sound normal, but might be lucky if that bad word "foreclosure" isn't there. Still suspect it will be very negative on your credit. Did you short sell? If so, than "foreclosure" will never show up with regards to the home in question. ... more
0 votes 5 answers Share Flag
Fri Aug 3, 2012
Michael Emery answered:
Did you receive a letter from your lender(s) that releases you from any deficiencies? It is often referred to as a 'release of liability'. If you have received this letter, your shouldn't be liable for any deficiency. However you may receive a 1099 which you would need to file with your 2012 taxes. Depending on your circumstances, you may or may not be liable for capital gains. ... more
0 votes 11 answers Share Flag
Fri Aug 17, 2012
Rob Flitton answered:
I deal with investors from Australia, Canada, Asia and Europe regularly and have financing resources as well - see --> http://robflitton.com/for-buyers/foreign-investors/

In fact I currently have 3 other Sydney-based clients. I reckon it is no problem :o) ... more
0 votes 16 answers Share Flag
Thu Dec 20, 2012
Terri Vellios answered:
You will need to understand the type of loan you had on the second. What you want to know is if a deficiency judgement has been filed against you.

A foreclosure does affect one getting a loan. If a lien is filed against you it could pop up on a future purchase.

I suggest you contact a real estate attorney who is the best resource to read through your documents and give you the legal advice you need.
... more
0 votes 8 answers Share Flag
Thu Jun 20, 2013
Donna Newman answered:
You can call Johnny Dykes, he is a loan offier that specializes in VA Loan. His number is 770-914-6680. He can tell you if you meet the criteria. Let me know if I can further assist you with the home buying process. Thanks ... more
0 votes 7 answers Share Flag
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