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Questions tagged [short-sale-property]

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

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No options, no shares available for short sale

I want to bet that certain stocks will decline in price, but they have no options and there are insufficient shares available for a short sale according to my broker. Do I have any other way to take ...
ak87's user avatar
  • 145
1 vote
2 answers

How much will a short sale on your home hurt your credit?

This answer says: Short sale or foreclose and kill your credit for a few years. And that made me curious - how badly does a short sale or foreclosure hurt your credit, and for how long?
Wayne Werner's user avatar
  • 1,159
3 votes
2 answers

Selling my house for what is owed to keep from foreclosure but it's worth more. Who gets the extra money?

I am selling my house to a friend (for what I owe on the mortgage) which is $107k because I am behind on my payments and don't want to go through foreclosure, but it's worth $155k who gets the extra ...
kelley's user avatar
  • 31
2 votes
2 answers

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 ...
melbalini's user avatar
4 votes
2 answers

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 ...
dave4351's user avatar
  • 143
3 votes
1 answer

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 ...
Engineer2021's user avatar
4 votes
2 answers

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 ...
xaisoft's user avatar
  • 143
-1 votes
3 answers

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. ...
ctorx's user avatar
  • 317
9 votes
1 answer

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 ...
Dave's user avatar
  • 441
5 votes
1 answer

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 ...
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22 votes
2 answers

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 ...
C. Ross's user avatar
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4 votes
2 answers

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). I'...
Jeff Swensen's user avatar
5 votes
7 answers

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 ...
Aaron McIver's user avatar
10 votes
2 answers

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 move....
PearsonArtPhoto's user avatar
7 votes
2 answers

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 ...
Jeff Martin's user avatar
18 votes
6 answers

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, ...
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