Q: How do I find an investor for my property? I do not want to go the foreclosure way but no longer want the house.
By your question, I would think that your best option is a Short Sale. In a short sale, you/your real estate agent is asking the mortgage or lien holder to accept less than what is owed on the property. There are a few ramifications such as: A credit rating hit,...
If you have a deficiency from a short sale are other properties you own at risk of having a lien placed on them for the deficiency?
The answer is yes, if your state recognizes the deficiency judgment as it pertains to a mortgage deficiency. There are specific events that must occur prior to a deficiency judgement. The mortgage holder of the deficient mortgage must request a judgment from the...
My property is included in my bankruptcy. Can I do a Short Sale?
Yes. A property may be sold while the owner is in bankruptcy. I have first hand experience with similar scenarios and have successfully closed real estate short sale transactions while the owners were in the bankruptcy process. The property will have to be removed...
Will I owe the IRS any taxes on the difference between what my mortgage is and what the short sale amount ends up to be?
The answer is maybe. President GW Bush signed The Mortgage Debt Relief Act of 2007. The act may be utilized by a homeowner with financial hardship selling his/her primary residence under a Real Estate Short Sale. In essence, under this Act, the seller will not be...
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