Applying for loan
You, and others, refuse to try a HAMP mod because of disclosing financials.
I would think that if they really wanted to know what is registered in-my-name they could find out through the DMV without me writing it fast easy cash loans down for them. I am thinking HAMPster wheel but you seamed not remotely interested in that approach. I understand that you had your rental property to move to. Also a Vancouver-ite, I am in the boat applying for loan of people that thought they could get a short sale through SunTrust. I really believed that the short sale was applying for loan the way to go and that SunTrust would work out as well. Now they have all my financials and I am at their mercy. I am so sorry that I did not read this thread back in May when I missed my first payment. Yes, I had a foreclosure sale go through within 9 months of missing my first payment.
If anyone has any information on what happens to a 2nd mortgage after a short sale when they have your financials, I would love to hear it. Anyone out there in the Portland Oregon or Vancouver Washington area like online payday loans michigan to meetup for lunch? I went to the Seattle meetup last month and we had about applying for loan 20 people attend. Izzle is VERY knowledgeable as we all know and he has some great information. I missed the first one that he did in Tukwila but then KENTWALK did one in Bellevue and we had a great turnout and to my surprise IZZLE came as well. I am new to this forum and thought I would share since I have been searching it for information.
Our value is on the conservative side 100,000 under best place to get a personal loan maybe more since the house down the street just went up for 160,000 and we owe 330,000. That helped push us over the edge, since we only plan to live here a few more years.
Today, Feb 28th in the mail was a letter telling us we missed our payment and will be charged a fee. How soon do the phone calls start and what is the proper procedure for instant cash advance online handling them? Any advise on what to expect from B of A would be appreciated.
Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Thanks Vantuckian, I will be checking back in here and updating the thread with information about credit, taxes and possible loans in the future. With the Mortgage Debt Forgiveness Act being extended to 2017, after my taxes it looks like I will be completely in the clear from this mess. The next thing will be to monitor my credit to see how it rebounds. I short sold my home and assumed I was good to go with the Mortgage Debt Forgiveness Act to avoid a huge tax burden.
Payday loan places
There are standards defined for different situations, so for capital gains exclusions, principle residence is one loans in clarksville tn that you have lived in 2 years out of the last 5. Ultimately this is really not an easy question to answer if you have rented the place out for a period of time.
I have read some opinions suggesting that if you bought a new place and rented out the old one to delay selling into a bad market, you could still define the old place as your primary residence. There are a few things working against me on the MDRA option. However, we were in it 3 of the last 5 years, out for a year with it unoccupied, then rented it for only 1 year. Maybe the vagaries of the definition will waft my way to allow it to be considered a primary residence still.
According to IRS and various tax websites, you can take an exclusion for forgiven debt under the Mortgage Debt Relief act which was extended to 2017. To do this, the home must be considered your Principle Residence or Primary Residence. Since I actually lived in applying for loan my house for 3 years of the most recent 5 years. So it looks pretty solid that we will be able to exclude it all. Anyway, I may see a tax professional, but I entered all the details into my software and it negated the capital gains tax. For some details, see this IRS publication: I was hoping someone else would come to the same conclusion. I thought this was the case at least I was willing to take the chance and go with that definition but its nice to hear that someone else no credit check installment loans come up with the same thought process. What is interesting though and is still throwing me for a loop is if you use Turbo Tax, one of the questions it asks is did you rent your home out in 2015? Not sure I understand why renting out the home matters or not or even applies. I havent done my taxes yet so still just scratching the surface. Just wondering though did you get a 1099-C with the personally liable box checked? Mine was and initially I was going to fight it with the lender but I am not sure it really matters. Technically I am not personally liable since the property is in CA and if they want to hold me personally liable for the debt then they need to judically FC which they didnt.
When I started this whole process, I was basically banking on insolvency as my way of excluding the canceled debt from my income.
It makes total sense to me since I was personally liable at the time of the debt cancellation. Recourse and non-recourse aside, it seems to me on paper both you and I were personally liable for our loans, they were just forgiven.
As far as the personally liable checkbox, I have been trying to confirm exactly how that is defined. I am in CA and I dont see how I could be personally liable based on the laws that govern real estate and the FC process. Yes the 2nd was forgiven but being that is was a purchase money, in CA that means it was non recourse. On top of that in CA there is the one action rule which basically means the lender would have to judicially FC to seek a deficiency which the 2nd never did nor would they. I typically do them myself, how to get a personal loan so I decided to take a swing at it alone without a CPA. So if I get audited, the proof is pretty simple that we qualify for the MDRA. This is hopefully the final chapter in the strategic default book.
I dont think using a CPA would have helped as I am sure they are split as well on the interpretation of primary residence. Since the MDRA doesnt define the requirements or restrictions no credit check personal loans online on qualifying as a primary residence, I am relying on the only one I could find in IRS documentation. I did find some other opinions that the IRS and lawmakers loosely defined it for MDRA and so long as you can justify the status it could be accepted. In my case I documented my reasoning and filed it away with all my other tax return documentation so if it comes up I have it handy and dont have to dig through everything again. Last I posted, I filed my taxes, claimed my debt forgiveness and a year later no audit. Now we just have a car loan, some money saved and money going into retirement. So before the walk, I had never missed a payment and always had excellent credit.
All that to say, I feel like the short sale was the best strategic move for me. There was a fair amount of counsel to not disclose financials and pursue the short sale from posters on this site, however, each scenario is different.
In my case, it only costed us a measly 4k to close the short sale, and both the first and second were completely forgiven. Never once was there any indication that our financials would be used against us. What most people worry about in disclosure is that they will find stashed money, but to be perfectly transparent....
I met with a lender today to get pre-qualified for another mortgage. I was able to confirm a applying for loan previous post on this thread from another member regarding wait periods. After a short sale, without extenuating circumstances, you must wait 3 years for an FHA loan, 4 years for a conventional loan and 2 years for a VA loan. Its a great reason to strategically default, but not for getting another mortgage sooner. So we wait until August 2018 which is totally fine by me. I think the primary impact is on your ability to borrow again after the event. It appears that the credit bounces back at the same rate after either event or at least that is applying for loan what other members here have indicated. There is definitely longer wait periods for a new mortgage or other loans after the BK vs. I met with a lender today to get pre-qualified for another mortgage. I was able to confirm a previous post on this thread from another member regarding wait periods. After a short sale, without extenuating circumstances, you must wait 3 years for an FHA loan, 4 years for a conventional loan and 2 years for a VA loan. Its a great reason to strategically default, but not for getting another mortgage sooner. So we wait until August 2018 which is totally fine by me. I think the primary impact is on your ability to borrow again after the event.
It appears that the credit bounces back at the same rate after either event or at 500 payday loan least that is what other members here have indicated.
There is definitely longer wait periods for a new mortgage or other loans after the BK vs. I believe the wait period is the same for SS or FC without extenuating circumstances. I believe the wait period is the same for SS or FC without extenuating circumstances. From what I understand the wait period for getting a conventional loan after FC is loans for bad credit not payday loans 7 years without extenuating circumstances vs. The wait for an FHA appears to be 3 years following FC or SS. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I was sent a letter by a second collection agency back in May 2012 that I owed them the money for the second.