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Then the seller will need to contact the Recovery Department to work out payout arrangements on the 29k that is not covered by the sale. I have never been late on my payments with any of my loans. I even offered to pay 3k to help cover the deficiency for closing but that is all I have in savings right now.

I definitely want to avoid paying the 29k and want to see how I can avoid paying this deficiency.

This is a HELOC 2nd and it was not used to purchase the loan. However, I probably have done more than 30k in improvements and repair during the course of the last few years and getting it ready to sell. This is what Moe posted previously about short sales. You are in a precarious position and need some professional advice on this one so you dont get screwed by WAMU: , the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home. Second, the lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing best payday loan for bad credit to the. If the new note is for less than the balance of the original debt, bad credit private lenders the difference would be considered canceled, or forgiven, debt. You must negotiate for the release of both the property lien and the underlying personal debt secured by the note. If you fail to do this, the lender may not forgive the personal debt and it will become a collection. It is wise to consult with an Attorney or Real Estate Agent who is familiar with Short Sale negotiation and has significant experience working with lenders.

The traditional real estate market is dead so agents are all now trying to make a buck anywhere than can. They are all now saying they are loan modification experts, short sale experts, home stagers, foreclosure, experts, your best friend (!

Personally, I would go with a real estate attorney who is also a real estate broker. He felt many agents were giving (incorrect) legal advice they had bad credit private lenders no business giving, and he stressed the importance of getting full release of all liability the right way (as you are seeking). Many agents have no clue what they are talking about (IMO). Many of them contributed to the mess many of us are in too. My question is, can CW still come after me for the remainder of the balance? The bad credit private lenders short sale approval letter is a little unclear to me. I still need to talk to my realtor, but I thought maybe you folks might have some insight for me in the meantime. You would need to ask these questions of either your realtor........... 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.


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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 thought it would be in our best interest to attempt a short-sale so that the HELOC would get some money and be less of a judgment or forgiveness for the 1099-C. Right loans for poor people now, we have a low-ball offer, but the buyer does expect to have to pay more when the bank counteroffers (if they counteroffer). Since the 2nd is a HELOC and the low-ball covers absolutely none of it, it is likely they will just decline altogether. As far as a deficiency judgment goes, are we better off with a short-sale (if lender approved), or are we better off just letting it foreclose? 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. Chase called today and said that if the short sale is approved I might have to sign a promissory note for the deficeintcy. I have sold all assets trying to keep from foreclosure until my home sold. So I sign a pomissory not what is be problem it is as good as the paper it is written on. Which is not any better than what is in my bathroom.

I would rather bankrupt after I have all the summary judgements, promissory notes, debt collectors all coming after me for a set amount than have them pop up after things are done, discharged and over.

What do you do 50 years old and everything I have worked for is gone in 18 months. Every crook, underhanded attempt to take more away has come after me. Getting tax money and home owners into a pomissory note for shortage.

I am drained, broke, broken, and so lost that I have no more fight, no more energy. Here I am just finish this and I will fight another day. Living in a friends basement, mowing yards, cleaning houses, with 1000 resumes sent personal loans low interest rate out. When I come back it will be with a vengence and I will have my day.

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.

The only solution I see if for the Realtors to agree to a reduced commission which will secure online payday loans reduce the closing costs.

The comments by me and the materials available at this web site are for informational purposes only and not for the purpose bad credit private lenders 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 bad credit private lenders 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.

AND no one ever sent me anything about these actions. No bills, no notice about changes to the account…nothing. I think the rules in the state the house was (Idaho, I now live 2500 miles away) is that if they make no effort to collect in 5 years I am off the hook?

What implications does this all have for when I should be getting a 1099c? I know its been a few days since you posted but I do think you are doing the right thing by asking these questions.

An attorney told me many people getting screwed in these short sales because language was not in that relieved them from any liability of a deficiency. CYA AND GET IN WRITING that the deficiency will be excused.

Agent was supposed to let it foreclose (due to deficiency collection rules on a foreclosure in ID - 3 mo to come after me and that was all) if the deficiency would not be forgiven.

In retrospect I should have asked to see the statement from the lender that the deficiency would be forgiven rather than believe the agent.

Probably payday loans in laredo tx could have in 2010 when I sold my house but would need to go bad credit private lenders back and amend our 2010 and 2011 returns to claim that instead of using the mortgage debt forgiveness. We definitely made her home our primary residence from summer 2010 (when I sold my home) until it was sold in April 2013. Is there a time limit on how long you need to live in a home to make it your primary residence? We lived in the home when it was sold, no address changes or anything like that (our 2010 and 2011 taxes were all filled with that homes address.

Originally wanted to walk away, but have stayed in the house to try and do the right thing. I listed the house for HAFA short sale at the end of May of this year (2014). Had 10 showings in 7 days and then an offer followed within the 1st week of it being listed. Offer submitted to the 1st lender (SLS) and they countered, buyer came up to the BPO appraised value. The the HUD-1 was sent to the 2nd for their approval letter. The only reason I decided to do a short sale was because of the HAFA program and the rules that are in place which protect the seller, the most important to be being that they have to waive their rights to any deficiencies and they cannot require that I bring money to closing.

It is still possible for debt forgiveness with a traditional short sale, I have done many. However, instant cash loans online in sa you will, be susceptible to a judgement if you opt out for foreclosure. Foreclosure only addresses the first not the second. If you go with a traditional, it will take an extra two weeks but we should be able to provide an approval letter from both that will show no deficiency. If we go traditional, you would not be required to live in the home until closing. The review will take 2 weeks, if we go traditional it would take another 2 weeks so we are looking at 4 weeks maximum. As a reminder, you will be able to review the approval documents so there would be no surprises at closing. To me, this means that the banks can change things last minute, demand I contribute money to closing, leave out critical information about the deficiency and I will be so desperate to close that I would sign anything placed in front of me in order to be done with this mess. My gut tells me that going with a traditional short sale, even pursuing one, bad credit private lenders would not be in my best interest. 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? I doubt that there will be many (if any) people that will be able to answer this since the timeline for these deficiency debacles has yet to expire. Have you ever spoken with a real estate attorney regarding your situation?

Amelianlynn, a short sale is often treated just like a foreclosure in regards to deficiency laws and these laws are different in cash loans online bad credit most states.

If you can negotiate that they cannot go after your for a deficiency, then great. However, Realtors will often say whatever they can to make the sale because they are only paid on commissions. When a first mortgage forecloses on a property, any junior liens attached to the property are also wiped out and the loan(s) become unsecured debts as they no longer have security interest in the said property.