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 … Read more

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 … Read more

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 … Read more

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 … Read more

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 … Read more

My Mortgage Lender Said They Won’t Modify My Loan But Will Agree to a Short Sale – Lindsey

Lindsey “Dear Steve, WE are in a house that has no equity. We owe 40,000 more than our house is worth. We are making our payments every month. We barley make it every month. My husband would like to go back to school but not possible because we dont have the money. My husbands boss … Read more

Our Mortgage Loan Was Modified and the Monthly Payment Went Up. – Sandra

“Dear Steve, My husband and I had a financial hadship situation last year and got behind on our morgage payments to Countrywide (now Bank of America). Early this year, we started the loan modification process and in July we were notified that the loan had been modified. I was very disappointed since they only included … Read more

What’s Going on With My Second Mortgage? Did They Settle Or Not? – Greg

“Dear Steve, I owned a home in Arizona but had to move due to a job change. I continued to pay for 2 years in hopes that the market would turn and I could sell it, after which I turned to a short sale to be free of it. The primary bank accepted the sale … Read more

My Mortgage Company Left Me Liable for a Deficiency on My Short Sale. – Karen

“Dear Steve, I short sold my home and lender left me liable for deficiency, I did not learn this until after the fact. Lender says it may or may not pursue. My credit outside of my home situation is (was) perfect. I expect my previous excellent credit history and the fact I still have a … Read more

Lost Our Jobs. Need to Get Rid of House, Fast. – Me

“Dear Steve, Lost of jobs nowhere to turn. Husband and i both lost our jobs we have fallen behind on our bills and our mortgage. What is the safest quickest way to get out of our home without haviing to file bankruptcy? What about a short sale or lieu of deed? What does that cost? … Read more

We are Trying to Get Our Short Sale with Bank of America Completed on Our FHA Mortgage. – Shawn

“Dear Steve, We currently have an FHA loan through B of A, it has been a struggle but we have remained current. We are going through a short sale currently, Bank of America is the primary & only lender involved. Our home is likely worth $80-100,000- in today’s market, but we owe $240.000. We started … Read more

Do You Have an Email or Phone Number for David Sunlin From Bank of America? – Linda

“Dear Steve, Do you have an e-mail or phone for David Sunlin, head of shortsales at B of A? I have located a prop in New Mexico that is going to foreclosure and the listing agent WON”T do a short sale package cause “it takes too long, you never get as response, it’s too late, … Read more

My Wife And I Are Teachers But Our Finances Are Failing. – Jon

“Dear Steve, My wife and I are both teachers. I just lost my job. We have a $310K mortgage on a home that is only worth $250K. The mortgage is a five year ARM that changes in December. We have about $45K in credit card debt and a $40K student loan. We can only make … Read more

I Have a Mortgage With Chase, Will They Work With Me to Lower Payments? – Janet

“Dear Steve, We have more debt than we can handle. We have just seen a lawyer about bankruptcy. Even with bankruptcy our mortgage may be too much for us. I have a mortgage with Chase – after banruptcy will they work with me to lower payments? I have never been late with payments. Janet” Dear … Read more