Posts Tagged ‘Foreclosure’

Avoiding Foreclosure – The Field Guide to Short Sales

Regardless of the reasons used to explain the current housing crisis in the United States, the cold reality is that more homeowners are in financial distress than at any other time in the history of residential real estate, according to the distressed Property Institute.

Hence, real estate Short Sales. If you re not familiar with them, you soon will be. In this book, you ll travel the journey with a few of our actual clients and explore the Short Sale process through the eyes of sellers,

Rating: (out of reviews)

List Price: $ 14.95

Price: $ 14.95

How to Use a Short Sale to Stop Home Foreclosure and Protect Your Finances

• ISBN13: 9780071635585
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.

Don’t lose your ho me to foreclosure! Do a short sale! Robert Irwin, one of America’s most trusted real estate experts, provides the tools you need to avoid foreclosure—and protect your credit, your wealth, and your peace of mind. How to Use a Short Sale to Stop Home Foreclosure and Protect Your Finances removes the complications and stress often associated with short selling a property. Using real-life success stories, Irwin explains how a short sale works and

Rating: (out of 2 reviews)

List Price: $ 18.95

Price: $ 10.69

Find More “short Sale” Products

I recently got this question from a client of mine that was in this very situation.  House upside down with a loan to value difference close to $100k and wanted to avoid a foreclosure.  We got her house listed, and got a full priced buyer.  The bank approved the short sale (and a check to the seller at close as well BTW) and everything was set to go.  Then the question came up.  How will this affect my SSI payment?

No one I talked to knew this answer so I got on the phone with the good old US government and the nice people at the Social Security Department and guess what?  It turns out that a short sale has no affect on regular social security payment, HOWEVER, IT DOES AFFECT SSI.  As a matter of fact, in the year that the 1099-c is issued for the forgiven debt (even though there is no ACTUAL income and it is exempt from federal tax consequences on an owner occupied home), it will count against them for SSI eligibility in regards to the financial limits required to qualify.  What does that mean?

Well it means no short sale for this client and welcome to one more foreclosure in America.

I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?

We owe more money than what our house is worth. My realitor is suggesting a short sale or a foreclosure, what is the difference? Which will hurt my credit less?

If you get $50,000 of debt relief from a short sale (lender accepts $20k on a $70k note) is there a tax implication? How is that different from just forfitting the property through foreclosure?

Please don’t answer if you are just guessing – I can do that on my own

What would qualify a home foreclosure to be better than a quick sale?
I have a home with little to no equity: if I short sale I would be required to pay back the difference to the bank. Would It be better for me to just let the house foreclose?

Product Description
Behind in your mortgage payments? Do you owe more than your house is worth? This book will answer all of your questions! All State Laws are included in this 246 page book! This is a real book. No machines needed to read this book!… More >>

Should I Short Sale My Home?: Homeowner’s Guide On Foreclosure & Short Sales Facts, Myths And Secrets.

My friend purchased a home for her brother he stopped making payments, and now she is in the process of selling via short sale is this bad on her credit? He stopped making payment 6 months ago. All her credit cards are paid on time her auto loans are current she has no bad credit history except for the lates on the house! Is she doomed?????? Please help with your advice!!!!
Markmywords- this questio is for you what type of statement should she put on the reports?

A friend of mine stopped paying for their home that is upside down. Now it’s in foreclosure and they received notice of auction date. Do they still have a chance to negotiate with the bank to sell property on short sale? Please advise.