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Foreclosure in Statesville : Real Estate Advice

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  • Home Buying17
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Activity 2
Thu Jan 3, 2013
Doc & Ellen Stephens answered:
Mon Oct 13, 2008
Scott Godzyk answered:
Once the bank accepts the offer, they will send teh paperwork for you to sign where you will see the price. This is a little dangerous for you, as you also need to know negotiate what will happen with the deficency which is the difference on the total you owe versus the total the bank will receive from the short sale,. the bank will look at your ability to pay and ask you to sign a note for the difference, or ask you for payments or if yiou have no ability they will send you a 1099 and write the balance off however you will be responsible for paying taxes as the government looks as a write off as a gain for you. Good luck with working it out ... more
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