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However, as with senior lienholders, California laws provide protections for borrowers which prohibit future judgments on purchase-money loans. A short sale occurs when a homeowner sells their property for less than the outstanding balance of all liens attached to the property. No deficiency shall be owed or collected, and no deficiency judgment shall be requested or rendered for any deficiency upon a note secured solely by a deed of trust or mortgage for a dwelling of not more than four units, in any case in which the trustor or mortgagor sells the dwelling for a sale price less than the remaining amount of the indebtedness outstanding at the time of sale, in accordance with the written consent of the i need money now holder of the deed of trust or mortgage, provided that both of the following have occurred: (A) Title has been voluntarily transferred to a buyer by grant deed or by other document of conveyance that has been recorded in the county where all or part of the real property is located.

The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice quick installment loans with respect to any compare personal loan rates particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Amelianlynn Because you have given an ultimatum it may be that the second will cave at the last second and accept due to the likelihood of them getting nothing if you foreclose. My lenders finally came to an agreement the day prior to when my house was to be auctioned and so I sold short. BUT I was lied to by my agent, who obviously had a vested interest in selling rather than foreclosure as he knew I would not sell if I owed the deficiency due to the state rules on deficiencies. House sold Jan 2011 so 18 more months and I am safe. Does anyone know what you do once the statue of limitations has passed to collect, if anything? Every state is different on how deficiencies work and their statute of limitations. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

I understand that MI is a recourse state and that I can be pursued for the deficiency after the short sale or foreclosure. My concern is that I feel as though I am being backed into a corner to do a traditional ss so the banks have more ways of manipulating me into paying closing costs, having to agree to paying the deficiency over a period of time, etc. And I think this has everything to do with the banks knowing that I have some money in my savings now. It seems that if you short sale or foreclose, that you will be treated the same way and the only people benefiting here seem to be everyone but you. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or i need money now problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our I appreciate your responses and candor. If the HAFA falls through I am prepared to file bankruptcy and walk away from the house and this debacle of a mortgage. Especially after reading some many posts on this thread from so many who thought they were safe with a ss, only to find out that the terror continues. You can only take so much and in the end, you need to do what is best for you. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

I went through a short sale with HSBC this past year. I was delighted www payday loans com to find out that the mortgage forgiveness act was extended to 2014.

Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Here is a link to the IRS: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Since i need money now 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. OP has actually completed Short Sale so there was no problem with lender foreclosing in this case while working on a Short sale. My thinking is that OP may have other problems on loan that lawyer can help figure out and possibly pursue even if sale has been done. It sounds to me like I ought to get several legal opinions, provided I can locate other attorneys who specialize in short sales, etc. I was referred to this one from a real estate agent who advertised on the web he was a short sale specialist in Idaho and had various certificates and had done this for 12 years. Hopefully someone will read this who has been in my fix and managed to extract themselves from it in a state that behaves like my old state. My agent did say private loans for bad credit he thought he had some e-mails pertaining to what we thought was supposed to happen (eg be done done, owe no more money after the sale) that he would forwards me. That might give me a leg to stand on with the Amtrust knee cap breaker collections person. Hopefully he will have time to look for that stuff today. It is imperative that the stipulation be submitted with any offer BEFORE you accept it.

It is imperative that the stipulation be submitted with i need money now any offer BEFORE you accept it.

Also, if i remember right, I asked for written assurance at closing that there would be no deficiency.


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I have found an experienced real estate attorney and he said since the foreclosure auction was scheduled for the next day that he had been successful arguing in the past that the foreclosure rules should apply. If I had been foreclosed on they would have had to file by last week to come after me.

I need to get it together to send him all the paperwork. Had I known this I would have let it go into foreclosure. I had chemo the week (I have cancer that has no cure) of the sale and was struggling to being with that week. Juggling 8 hours in chemo day one and 4 hours day two and the short sale the next day was hard. I think I am just going to have to wait and see what happens at the end of the year as far as a forgiveness debt.

Meanwhile my credit gets trashed more and more each month. I am in the middle of a short sale of a FL investment condo that has been accepted by Chase (1st lien holder), however I noticed in their acceptance letter that they included the payday loan places near me statement Please note this amount is for the release of lien only and you are responsible for all deficiency balances per the terms of the original loan documents. When I called Chase to expand on this the representative mentioned that it is very unlikely they will pursue collection within five years. I am strongly considering making a cash contribution (5k is all I can give) to waive any deficiency and request a newly worded acceptance letter. The other option is to roll the dice and see if they collect, and if so see if the 5k will settle it then. I am in the middle of a payday loans missouri short sale of a FL investment condo that has been accepted by Chase (1st lien holder), however i need money now I noticed in their acceptance letter that they included the statement Please note this amount is for the release of lien only and you are responsible for all deficiency balances per the terms of the original loan documents.

When I called Chase to expand on this the representative mentioned that it is very unlikely they will pursue collection within five years. I am strongly considering making a cash contribution (5k is all I can give) to waive any deficiency and request a newly worded acceptance letter.