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What is the benefit of doing a SS over foreclosing at this point? Would the second mortgage be written off in a FC or would I still owe them the money? No way anyone is going to give them want they want for a short sale if its more than they would spend no payday loans for a normal sale.
I am pretty much out of options and hope my security clearance will survive a short sale. I have reported it to security, but that was a short sale… we will see. My credit is in the toilet anyway, just worried about my job at this point. Told us to contact the foreclosure lawyer to direct installment loan lenders get a payoff amount. 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. AND no one ever sent me anything about these actions. No bills, no notice about changes to the account…nothing. I think the rules in the state the house was (Idaho, I now live 2500 miles away) is that if they make no effort to collect in 5 years I am off the hook?
What implications does this all have for when I should be getting a 1099c? I know its been a few days since you posted but I do think you are doing the right thing by asking these questions. An attorney told me many people getting screwed in these short sales because language was not in that relieved them from any liability of a deficiency. CYA AND GET IN WRITING that the deficiency will be excused. Agent was supposed to let it foreclose (due to deficiency collection rules on a foreclosure in ID - 3 mo to come after me and that was all) if the deficiency would not be forgiven.
In retrospect I should have asked to see the statement from personal loan poor credit the lender that the deficiency would be forgiven rather than believe the agent. Probably could have in 2010 when I sold my house but would need to go back and amend our 2010 and 2011 returns to claim that instead of using the mortgage debt forgiveness. We definitely made her home our primary residence from summer 2010 (when I sold my home) until it was sold in April 2013. Is there a time limit on how long you need to live in a home to make it your primary residence?
Offer submitted to the 1st lender (SLS) and they countered, buyer came up to the BPO appraised value. The the HUD-1 was sent to the 2nd for their approval letter. The only reason I decided to do a short sale was because of the HAFA program and the rules that are in direct installment loan lenders place which protect the seller, the most important to be being that they have to waive their rights to any deficiencies and they cannot require that I bring money to closing. It is still possible for debt forgiveness with a traditional short sale, I have done many.
However, you will, be susceptible to a judgement if you opt out for foreclosure. Foreclosure only addresses the first not the second. If you go with a traditional, it will take an extra two weeks but we should be able to provide an approval letter from both that will show no deficiency. If we go traditional, you would not be required to live in the home until closing. The review will take 2 weeks, if we go traditional it would take another 2 weeks so we are looking at 4 weeks maximum. As a reminder, you will be able to review the approval documents so there would be no surprises at closing. To me, this direct installment loan lenders means that the banks can change things last minute, demand I contribute money to closing, leave direct installment loan lenders out critical information about the deficiency and I will be so desperate to close that I would sign anything placed in front of me in order to be done with this mess. My gut tells me that going with a traditional short sale, even pursuing one, would not be in my best interest.
Amelianlynn Because you have 1000 loan bad credit no guarantor given an ultimatum it may be that the second will cave at the last second and accept due to the likelihood of them getting nothing if you foreclose. My lenders finally came to an agreement the day prior to when my house was to be auctioned and so I sold short.
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Have you ever spoken with a real estate attorney regarding your situation? Amelianlynn, a short sale is often treated just like a foreclosure in regards to deficiency laws and these laws are different in most states. If you can negotiate that they cannot go after your for a deficiency, then great.
However, Realtors will often say whatever they can to make the sale because they are only paid on commissions. When a first mortgage forecloses on a property, any junior liens attached to the property are also wiped out and the loan(s) become unsecured debts as they no longer have security interest in the said property.
However, as with senior lienholders, California laws provide protections for borrowers which prohibit future judgments on purchase-money loans. A short sale occurs when a homeowner sells their property for less than the outstanding balance how to get quick money of all liens attached to the property. No deficiency shall be owed or collected, and no deficiency judgment shall be requested or rendered for any deficiency upon a note secured solely by a deed of trust or mortgage for a dwelling of not more than four units, in any case in which the trustor or mortgagor sells the dwelling for a sale price less than the remaining amount of the indebtedness outstanding at the time of sale, in accordance with the written consent of the holder of the deed of trust or mortgage, provided that both of the following have occurred: (A) Title has been voluntarily transferred to a buyer by grant direct installment loan lenders deed or by other document of conveyance that has been recorded in the county where all or part of the real property is located. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.
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The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Amelianlynn Because you have given an ultimatum it may be that the second will cave at the last second and accept due to the likelihood of them getting nothing if you foreclose. My lenders finally came to an agreement the day prior to when my house was to be auctioned and so I sold short. BUT I was lied to by my agent, who obviously had a vested interest in selling rather than foreclosure as he knew I would not sell if I owed the deficiency due to the state rules on deficiencies. House sold Jan 2011 so payday loans alexandria direct installment loan lenders la 18 more months and I am safe. Does anyone know what you do once the statue of limitations has passed to collect, if anything? Every state is different on how deficiencies work and their statute of limitations.
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
I understand that MI is a recourse state and that I can be pursued for the deficiency after the short sale or foreclosure. My concern is that I feel as though I am being backed into a corner to do a traditional ss so the banks have more ways of manipulating me into paying closing costs, having direct installment loan lenders to agree to paying the deficiency over a period of time, etc. And I think this has everything to do with the banks knowing that I have some money in my savings now.