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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]
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Fri Oct 21, 2011
Tim Moore answered:
You would still owe the bank $25,000 but not as taxes. If I understand what you are asking, you owe the bank $125,000 but if it gets $100,000 in a short sale you still owe the bank $25,000. ... more
0 votes 4 answers Share Flag
Bill Parker,…,  in Scottsdale, AZ
Fri Oct 21, 2011
Bill Parker, CPA* answered:
Hi Lynn:

This is really a question for a practicing tax CPA or tax attorney. There are too many nuances (when did certain events happen; are you solvent or not; etc.) for anyone else to give you a correct answer.

I knowmany very good tax CPAs who could help you, if you wish some names and numbers...

Good luck.
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0 votes 6 answers Share Flag
Dana K. S. L…, Real Estate Pro in San Francisco, CA
Mon Apr 9, 2012
Dana K. S. Lee (Pacific Union) answered:
Here in San Francisco it's negotiable but the norm is 6% and sometime you might be able to negotiate for 5%

0 votes 26 answers Share Flag
Scott Pagano, Real Estate Pro in Orlando, FL
Sat Oct 8, 2011
Scott Pagano answered:
Hello Lwilliams,
The CFK program is a good program. Yes the agreement comes in writing. You would receive your check via Federal Express or UPS delivery. The normal time to vacate is 1 to 2 weeks. The amount you receive can be negotiated. The higher the number would be if you move out sooner, so keep this in mind when you negotiate. When your ready to vacate, you MUST leave the property "Broom swept clean". All fixtures and appliances MUST still be in the home and property should be clean. Once you vacate the point of contact for the Bank usually the Realtor/Broker will inspect the property to make sure all terms of the CFK agreement have been satisfied. You will also receive a 1099 for the CFK amount. As far as the HOA, there is not enough information for me to even speculate. Hope this helps. Good luck you, remember you can negotiate.

Wendy Golding
Asset One Realty, Inc

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0 votes 7 answers Share Flag
Annie Torres,  in Suffolk County, NY
Sun Sep 25, 2011
Annie Torres answered:
The right thing to do is to consult with an attorney to see what your options are. When a bank forecloses they send out a 1099 at the end of the year, it is strongly recommended for the homeowner if back up in payments not get to the point were they get foreclosed on but to act accordingly and consult a local Real Estate agent to list their property as a short sale. The bank will rather accept a short then foreclose on the property since with a foreclosure they loose more money.... your family has experienced a true hardship so i would advise to schedule an appointment with an attorney. With you the best of luck. ... more
0 votes 2 answers Share Flag
Laura Coffey, Real Estate Pro in Santa Clarita, CA
Wed Oct 26, 2011
Laura Coffey answered:
NOTHING: Interview three agents that have both sales and short sale skills, experience, education, and proven track record.
0 votes 8 answers Share Flag
Dan Tabit, Real Estate Pro in Issaquah, WA
Thu Jun 25, 2015
Dan Tabit answered:
Possible... maybe but not with conventional financing. Generally after a foreclosure conventional financing is not available for 5 years. Lenders want you to get fully re-established and demonstrate a good history to avoid having the same thing happen again.
Possible options could be owner financing, hard money loans, lease options, just to name a few. In each of these situations you'll need a good explanation, large down payment and/or a willing and able seller.
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0 votes 18 answers Share Flag
Chris Ognek, Real Estate Pro in Fredericksburg, VA
Wed Nov 16, 2011
Chris Ognek answered:
It is my understanding you'll have to wait 3 years from the date of the foreclosure. That is going to be across the board with all lenders but I would still recommend you ask around - you may be able to find a lender that will do the deal. Try local community banks where you plan to buy - you might be able to get the loan if they plan to keep it as a portfolio loan and not sell it on the secondary market. ... more
0 votes 5 answers Share Flag
Lynn Brock, Real Estate Pro in Sarasota, FL
Wed Dec 3, 2014
Lynn Brock answered:
Kyatsmeow, how soon after a short sale can you buy a house...for cash? Technically, if you have cash you could purchase immediately. If you applied for financing you'd have trouble. When you ask your current lender for a short sale you will have to show a hardship.

Short sales are complicated transactions. Before beginning down this road, check with your lender, a real estate attorney, a distressed property expert realtor and also your cpa. A short sale begins when you receive an offer to purchase from a buyer. Then you take this offer along with your paperwork and ask your lender for a short sale.

This is a very basic summary of the short sale transaction.
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0 votes 20 answers Share Flag
Tim Fennell, Real Estate Pro in Jacksonville, FL
Thu Sep 1, 2011
Tim Fennell answered:
We recommend talking with a qualified Real Estate Attorney before making any decisions. We would be happy to put you in touch with the one we use for all of our own personal transactions. I think we can arrange for a free consultation with him for you. If interested, contact us.
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0 votes 18 answers Share Flag
Betty Kerr,…, Real Estate Pro in Irvine, CA
Fri Apr 27, 2012
Betty Kerr, CRS,GRI,SRES answered:
If you have defaulted on your mortgage loan and can no longer afford to make your payments, you could still owe money if your house goes into foreclosure. Most homeowners believe once the lender has foreclosed on the property, it absolves them of any further financial obligation. Often, this is not the case, with the homeowner still being pursued by the lender for the deficiency amount, which can total several thousands of dollars

Check with a Real Estate attorney or your CPA.
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0 votes 23 answers Share Flag
Gary Geer, Real Estate Pro in Antioch, IL
Mon Aug 8, 2016
Gary Geer answered:
Provide a rental application and a copy of your credit report. Then write a letter explaining your low credit rating. Also provide some addtional personal references that a potential landlord can verify. Sometimes an explanation of a low credit score can help. Especially if it's not a pattern but based on a specific problem.

All the best,
Gary Geer
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0 votes 6 answers Share Flag
James Deskins, Real Estate Pro in Worthington, OH
Fri Jul 8, 2011
James Deskins answered:
You had better get an attorney. If you didn't sign anything from the second lien holder that said you wouldn't owe them then they CAN come after you for the balance.

>;>My realtor a certified short sale person said no

I hope you got that in writing....

Good luck.
... more
0 votes 5 answers Share Flag
Nicole Raffe…, Real Estate Pro in Greensboro, NC
Sat Jul 27, 2013
Nicole Rafferty answered:
Has your agent spoken to the bank to get the short sale process started? Have they given you a price to put it on the market at or are you just waiting for an offer? Short sales are not an easy process, and certainly not short. They do however effect your credit differently then foreclosures. You need to speak with your bank and with an attorney/financial planner to see what option is best for your family. If I can assist in any way let me know. Good luck!! ... more
0 votes 18 answers Share Flag
HLR,  in Oregon
Sat Jul 2, 2011
HLR answered:
No, they agree to take what the home is worth and say that's it, and they have no way of taking anything else. It's to get you out of the debt of the underwater home loan.

Best to you.

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0 votes 6 answers Share Flag
Danielle Sha…, Real Estate Pro in Cape Coral, FL
Sat Jun 25, 2011
Danielle Sharp answered:
Contact a bankruptcy attorney. This is not the proper forum for legal questions or tax advice.

Good luck
0 votes 4 answers Share Flag
Linda S. Cef…, Real Estate Pro in Franklin, WI
Thu May 12, 2016
Linda S. Cefalu answered:
There are many aspects that are taken into consideration when giving someone a loan. Current and past employment, debt to income ratio, credit scores etc. Although I have not yet heard of anyone being approved for a mortgage within less than a year, there may be lenders out there. Just keep checking and ask a lot of questions. If not now, then when and what do I have to do to get there. You may be closer than you think. ... more
0 votes 17 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Sat Nov 19, 2016
Scott Godzyk answered:
It depends if the house was sold at auction to someone or if the bank took the house back at foreclsoure auction. If an investor bought it, they may be stricter than the bank with filining eviction papers. If the bank bought it back, when they assign the home to a local agent to sell, they will usually knock at your door and offer you cash for keys to move in 30 days or less. They can offer from $500 to $4000 depending ion how quick you move and the value of your home. If they do not offer CFK than they have to gove a 30 day notice, then can filie for a writ of possession following your states eviction laws. Good luck with working things out. ... more
0 votes 14 answers Share Flag
Gerard Carney, Real Estate Pro in Spring Hill, FL
Tue Jun 28, 2011
Gerard Carney answered:
Freddie Mac shouldn't be asking for anything on a short sale, the reason for the short sale is that the seller is in financial duress and has no available cash for any kind of payment, never mind a 20K one, if your seller had that, i think they would have just paid the mortgage and would not be in this situation. ... more
0 votes 14 answers Share Flag
Tony and Hol…, Real Estate Pro in Orlando, FL
Wed Jun 29, 2011
Tony and Holly Galarza answered:
Give me a call to discuss. you have a few different options, including Short Sale which is a great option.

you can reach me at 407-497-7688.

tony galarza
keller williams realty
0 votes 17 answers Share Flag
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