Selling real estate property for proceeds less than the balance owing on an existing mortgage.

learn more… | top users | synonyms (1)

2
votes
2answers
122 views

How long will I have to wait to get a mortgage after the short sale of my house?

Our situation is a bit strange. In 2006, my husband and I co-purchased a home with another couple, very good friends of ours. The house was supposed to be our home for approximately 5 years, but ...
4
votes
2answers
496 views

Tax implications of short sale with second mortgage?

I short sold my home this year and was told by my Realtor that the government forgives taxes which would normally be owed by selling a property for a loss. I had heard this before and assumed it would ...
3
votes
1answer
335 views

Will Short Sale Prevent Me From Getting VA Home Loan Later?

My home is currently worth $55,000 but we owe $127,000. Our home was purchased in 2006 on a Conventional, 30 year 6.5% loan. The loan is not a Fannie or Freddie Mac owned loan. Our loan-to-value ratio ...
4
votes
2answers
141 views

Do I pay the bank back if I shortsale?

I am confused about this. If I still owe 350,000 on my house and it is valued at 270,000 and I short sell it for 270,000, would I need to pay the bank 80,000? Are there scenarios where you don't ...
0
votes
3answers
3k views

Are there restrictions on refinancing after a short sale

I previously had two mortgages and last November completed a short sale of my second home (which I owed $410K) that was not my primary residence. I missed 10 payments leading up to that short sale. ...
9
votes
1answer
121 views

Is it legally safer to purchase a short sale instead of a foreclosure?

I'm considering purchasing a home, and given todays market I've been viewing a lot of foreclosures and short sales. That being said, I have a question on short sale VS foreclosure in terms of legal ...
5
votes
1answer
139 views

HAFA: Missed 14 Day Response Window — Am i SOL now?

I have started the short sale process with Bank of America and I am going through the federal program HAFA. I initiated the process but delayed submitting documentation longer than the mandated 14 ...
16
votes
2answers
445 views

What are the primary risks of buying a house in a short sale?

What are the primary risks of buying a short sale home? I've been looking at it as a way to buy a home cheaply, and I understand that repairs may be in order. However I've been warned (in general ...
4
votes
2answers
162 views

Buying a short-sale property with repairs needed

I'm looking at purchasing a property that might require somewhat extensive repairs to one of the buildings on the lot (charred timbers in the ceiling of the detached garage/barn from an old fire). ...
5
votes
6answers
2k views

Why would a bank take a lower all cash offer versus a higher offer via conventional lending?

There seems to be a a belief that a bank or individual will always take cash over conventional financing from a buyer, even if the buyer who is purchasing through conventional financing offers a ...
10
votes
2answers
260 views

Short-sell, or try to rent out?

I'm currently considering taking a job in another state, and I currently own a home that's up-side down in it's mortgage. I'm trying to figure out what I would do with my home in the event that I ...
5
votes
2answers
167 views

What kind of credit rating hit can I expect if I short sell my house?

Like many others, my house has fallen in price so much that I now owe the bank over much more than I can sell it for between the first and second mortgage. I know that in my state (and many others) I ...
11
votes
5answers
805 views

Previous owner of my home wants to buy it back but the property's value is less than my loan… what to do?

I've owned my home for close to 5 years and it's value is currently around $100k below my loan amount (according to zillow). I hate living here, and I've wanted to sell it for a long time. Today, ...