The Lender Agreed to a Short Sale But Nobody Wants to Buy It. – Hal

“Dear Steve, We have a underwater mortgage that is approximately $100,000 in excess of the value of our home. We have been trying to get the principal reduced and now have the offer listed in the “question’s section” We have underwater mortgage that was transferred from Bank of America to SPS and they have offered … Read more

I Lost My Job. How Do I Unload My Vacant Home. – Peter

“Dear Steve, I have a first mortgage (about $210-220K) with PNC Mortgage and a second/line of credit with PNC Bank ($65K) on my apartment in Washington, DC. I lost my job in 2010 and moved to Illinois to help care for my elderly parents (I’m in my mid 50’s), I am behind on both payments … Read more

I’m Going for a Short Sale. I’ve Jumped Off My Fiscal Cliff. – Linda

“Dear Steve, I very unexpectedly have been out of work for eight months now. I am unable to make the mortgage payments on a house with interest rate of 6.625%. The mortgage company, a very large Federal Credit Union has refused to refinance–per their VP, they never benefited from TARP and are not required to … Read more

Short Sale on My Home With Two Mortgages Shows Two Different Dates. – Sunny

“Dear Steve, Short sale of home which had 2 mortgages, credit report shows different dates. Closing date for the Short sale was 12/09, 2nd released mortgage on 01/10 but the 1st release mortgage shows 05/10. After further review of Court documents the dates match with the Release filing the 2 banks completed. Now I’m trying … Read more

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 … Read more

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 … Read more

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 … Read more

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 … Read more

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). … Read more

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 … Read more

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 … Read more