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Obviously there is some difference in the eyes of lenders.

Some of you who need to maintain flexibility, such as moving for a new job, etc, may need to keep that in the back of your minds. The big problem with a short-sale is the amount of information they ask for. The reality is it will show them what to attack, that is, free discovery. However, if you have things properly structured, you can protect assets.

I am giving them limited information, dollar amounts, etc. My final option will be the thermonuclear one: bankruptcy. I may allow foreclosure first and try to negotiate deficiency away BUT, if I file bankruptcy I need to do that before any foreclosure sale. The elephant is the Mortgage Debt forgiveness Relief Act, which was enacted for 2007 and renewed through 2013. The current Congress has gone home without renewing it, raising the possibility it may expire. Note that this will not apply in non-recourse states: no deficiency, no forgiven debt, no taxable income.

However, the rest will have to take this into consideration. In many cases, including mine, failure to renew the Act drives one immediately to bankruptcy since the tax would be almost as big a burden as the deficiency. Deed-in-lieu has been mentioned a few times and I guess some people have had success in this. There still is the issue of deficiency and it is lumped in the same category as foreclosure. There is some real good information listed in here. Knowing the information you posted here, we simply walked away from our house and rented payday loan today it out for 6-months. I am in Washington where banks have the choice for a judicial or non-judicial and basically always elect a non-judicial on single family homes.

Our house was auctioned earlier this month and we are just waiting for the deed to be recorded at this point. The same day we lost the house, I celebrated by buying a hot tub at the new place we purchased as you did. 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. After a six month paper shuffle with Ocwen for a short sale approval, we got news today that the deal will go through but only with a 30k promissory note to Ocwen, or a 15K cash from owner.

If I had such cash, I would not be requesting a short sale on property.

We are in an area that has yet to recover from the financial blowout of 2009 and I get nothing from the short sale. Not a dime after owning the house for about 15 years.

If this goes through by some miracle, do I get taxed on the forgiven amount? Ocwen of course wants an answer in three days or deal is off.

The reason they are doing this is because they would get nothing in a short sale so they having nothing at all to lose by asking for money, and or just blocking the same by refusing to cooperate.


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All you can do is come up with the money or counter their offer with something less that you can come up with.

You can even ask the real estate agents on the same to contribute part of their commissions to the sale if that would help. The Mortgage Debt Relief Act of 2007 for an additional two years of protection covering tax years 2015 and 2016. This tax relief applies to qualified borrowers when a lender cancels, forgives and or reduces the mortgage debt on their apply personal loan primary residence through various loss mitigation methods such as a loan modification, and debt forgiven in connection same day cash loans online with a foreclosure or a short sale. 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 payday loans instant payout 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. The reason they are doing this is because they would get nothing in a short sale so they having nothing at all to lose by asking for money, and or just blocking the same by refusing to cooperate. All you can do is come up with the money or counter their offer with something less that you can come up with. You can even ask the real estate agents on the same to contribute part of their commissions to the sale if that would help. The Mortgage Debt Relief Act of 2007 for an additional two years of protection covering tax years 2015 and 2016. This tax relief applies to qualified borrowers when a lender cancels, forgives and or reduces the mortgage debt on their bad credit loan direct lenders primary residence through various loss mitigation methods such as a loan modification, and debt forgiven in connection with a foreclosure or a short sale. Most of the fines against the mortgage servicers have been already paid, or you have to ask OCWEN if you qualify. For loan modification options, eligible borrowers may be contacted directly by Ocwen. Or borrowers may contact Ocwen to obtain more information about specific loan modification programs and to find out same day cash loans online whether they may be impacted by this settlement. If Ocwen fails to meet this commitment, it must pay a cash penalty in the amount of any shortfall to the CFPB and the states.

Borrowers who receive payments will not have to release any claims and will be free to seek additional relief in the courts.

Eligible consumers can expect to hear from the settlement administrator about potential payments.


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Affidavits and sworn statements must be based on personal knowledge. Ocwen must change the way it services mortgages to ensure that borrowers are protected from the illegal behavior that same day cash loans online puts them in danger of losing their homes. To ensure this, the CFPB and the states are proposing that Ocwen follow the servicing standards set up by the 2012 National Mortgage Settlement with the five largest banks.

Among other things, Ocwen must: For loans that are transferred to Ocwen, the company must determine the status of in-process loss mitigation requests pending within 60 days of transfer. Until then, Ocwen cannot start, refer to, or proceed with foreclosure. If the borrower has a loan modification agreement, Ocwen must honor it under the terms of the company that transferred the loan.

Ocwen will have to ensure that consumers get regular and dependable assistance when they call for help.

All servicing fees must be reasonable, bona fide, and disclosed in detail to borrowers. For example, Ocwen cannot collect any late fees if a loan modification application is under review or if the borrower is making timely trial modification payments. If the loan-modification request is denied, the borrower can appeal that decision and Ocwen cannot proceed to foreclosure until that appeal has been resolved. 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 easy loan site 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. 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. After high acceptance payday loan reading several of your responses to other homeowners, it appears your honesty, insight and knowledge has helped many make conscious decisions pay day online in this market crisis. I know this is a bit much to read, but I wanted reliable payday loans to thoroughly explain the steps my wife and I have taken. Any insight or advice you can share on my situation and details below will be greatly appreciated. It seems rather irrational to continue investing most of our money into our home that is worth nothing. We knew our property had depreciated, therefore our 1st attempt a couple years ago was to try and refinance. The uncertainty of our interest rate and mortgage payment changing every 6 months left us terrified. Reaching out to the lenders directly was our 2nd attempt.

This was a learning same day cash loans online experience and a big joke to say the least. They also requested that a specific i need a loan with bad credit hardship is required before refi or modify can be considered. We also thought it was worthwhile to reach out to 21st Mortgage (2nd mortgage lender) to try and discuss refi or modify options.

They told us 1500 installment loan nothing could be done unless the 1st mortgage lender contacted them with documents stating a refi or loan modify had been approved. We just wanted a fixed interest rate, knowing a portion of our payment would start chipping away at our principle.

The mortgage counselor suggested the following alternatives to refinancing - 1. Not knowing where to go or what to do from here we put our efforts on hold for a while. We were once excited to know there were specific funds and programs out there that would help homeowners like us, but after all we were online payday loans left feeling like no one really cared - we felt defeated.

She claims to quick fast money be a local investor in the Long Beach area who wants to expand upon her rental properties. Whereas a typical Short Sale I would have to put it on the market with a realtor hoping someone would be interested to buy. Her offer seems promising, does this sound true or legit? She went on to tell me the transaction would be handled the same as a purchase transaction.

The sale is under the same purchase contract forms as I used at acquisition. She said, there is no difference from a regular sale. Her response: Generally, loans on primary residences are non-recourse loans in California. Unless you signed a personal guaranty, the lender is only entitled to the collateral (the condo in this case) to satisfy the loan. Once they agree to accept less as payment in full, the debt is wiped out. Her response: In 2012, debt forgiveness is guaranteed. The extension of the debt forgiveness act has passed Congress. FYI, in a short sale the lender must agree to a short payoff.

And lenders require the borrower to submit financials in order to be admitted to the program. The lender further requires that the property be listed for sale with a RE broker. In either a short sale or a same day cash loans online normal sale, the ecrow officer will submit a payoff demand requests to the lenders. The loans would then be paid off with funds from the purchase (usually a combination of cash and new purchase loan proceeds). Based on those facts, I surmise her idea is to not pay off either loan, but buy the property subject to the exisiting loans. She would realize immediate positive cash flow and would likely enjoy that recurring revenue stream for many months.