Tag Archives: short sale

What is the Best Way to Stay in Our Home; Foreclosure or Short Sale? – Marc

“Dear Andy, We (my wife and I) have been in our home for 7 years. We are current on our payments on both our first Loan of +/- $370k (5 year ARM tied to LIBOR) and our Second loan of +/- $75k with Citibank. We paid $499k for our home with only $15k down. Our [...]

How Can We Get Our Short Sale Approved Fast? – Mary

“Dear Andy, I bought my house 5 years ago at the peak of the housing market and live in MD. I have a NC interest only 10/1 ARM and have been unsuccessful at refinancing or any loan modification over the last 2 years. My husband has an opportunity to attend a PHD program in FL [...]

Can We Do a Short Sale If There Are Four of Us on the Note? – Haydie

My daughter owns a property. She owes $450.00 There are 4 of us in the deed. Only my daughter & my husband are in the mortgage. However, my daughter changed to a new job taking a drastic cut. My husband is laidoff. My daughter’s husband is also laidoff. I have been on permanent disability since [...]

Forgiven Debt from Mortgages May Soon be Taxed Again as Income Unless Congress Acts

by Lois Beckett ProPublica You bought your house when the market was high and then lost your job. In order to avoid foreclosure, you negotiated a short sale for half of what you paid, ruining your credit rating for years and draining your bank account. But there is a tiny silver lining: Thanks to a [...]

We Are Trying to Buy a House With a Short Sale But It’s Going Nowhere. – Joy

“Dear Andy, We are buyers. We have placed more than two offers on a short sale. First time, we were apparently out-bidded. Second, house was taken off market, then placed on active status and our #2 offer was put through with the Sellers paperwork to the bank. It was “accepted”. Offer made in October of [...]

My Ex-Husband Wants to Give Me the House. He Can’t Afford the Payments. – Kelly

“Dear Steve, Ex and I divorced last year. I left him the house but the judge did tell us the decree did not relieve me of the mortgage responsibility. Unfortunately he was not able to refi because of his current income. Called me last week to ask if I’d like the house back because he [...]

I’m Separating From My Husband, Filing Chapter 7 Bankruptcy and Want to Do a Short Sale. – Tina

“Dear Andy, Originally purchased house in 1999 for 162,500. We have refinanced about three times over the years to help pay for some credit card repayment and also home improvement. The cost of refinancing has added about $10K on average each time, with the last re-fi adding on $20K (special loan because of PMI issues). [...]

Should I Do a Deed in Lieu of Foreclosure or Short Sale With Bank of America? – Pat

“Dear Andy, We originally had Countrywide Mortgage provider 2005 ( a fannie mae loan), we were then one day just notified that our new mortgage holder was Bank of America. We have been paying a PMI of around $220.00. In September of last year we filed for a short sale and were approvedin Feb, three [...]

I Have Stress and Cancer. I’m Also Struggling to Get Out From My Wells Fargo Mortgage. – Tarah

“Dear Andy, I bought my house 4 years ago. My value has dropped over 100K. I live Maryland. My mortgage is Non-Conforming. I have attempted to refinances 2 and denied because of my appraisal. I also attempted to get a modification 2 times and the investor denied it both times. I am current on my [...]

Short Sale – How Long Does This Short Sale Process Take? – Mandy

“Dear Andy, My husband and I made the decision to do a short sale on our home so that I could be closer to my employer. We began this “situation” over 6 months ago and still have not closed!!!!!! My Realtor has missed deadlines, asked me to pay more money, etc. Am I able to [...]

We Tried to Sell Our House With a Short Sale But It Never Sold. Should We Let it Go to Foreclosure? – JoAnn

“Dear Andy, We have been in a bad mortgage for 7 years now where you only pay part of the interest and the rest gets tacked onto the principal well, we took the loan out for 347,000 but now owe 460,000. which the house isn’t even worth. For 4 years now we have been trying [...]

We Are Trying to Do a Short Sale But What Are the Tax Consequences. – Monica

Owe 885000.00 on home. Home will short sale for about 600000.00. Primary residence. Live in California. Conventional loan. We have been working on a loan modification and are unsuccessful in getting a permanent modification, which is what we have been trying for. We have been offered several temporary solutions. We are now looking at Short [...]

California Warns Consumers About Short Sale Fraud

California Attorney General Edmund G. Brown Jr. today joined the California Department of Real Estate and the State Bar of California to warn homeowners about an alarming rise in short sale fraud across California in a field “rife with scam artists“. A short sale is an arrangement in which a homeowner sells his or her [...]

Lost Your Home in Foreclosure? You May Be Getting a BIG Bill.

Many people believe that simply because they have lost their home in foreclosure that their financial worries are now behind them. Not so fast bucko. If a lender has taken a loss on a property that was foreclosed on they can go after the consumer for the amount due after the foreclosure. This is why [...]

Our House is Worth Less Than Half of What it Was and Our Income is Down 30%. – Brian

“Dear Steve, In substantial debt and considering best option to get out of it. My wife and I have $104K in unsecured debt, owe $510K on our home that is now worth $230K, and we have seen a 30% reduction in our income this year which is the straw that broke the camel’s back. Our [...]