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Good reason to stop being a Californian eventually. I agree that walking away is one the hardest things to do and one of the smartest things we did. We are now three years out from foreclosure with plenty of equity in our home and looking to refinance since we are still in one of those evil adjustable loans. Credit score at 701 even with the mess still on the report. I hope all the loansafers out there that are still in the process trust their gut, and use this forum. I could not have done it as well, or as informed as I did without the advice on these pages. Thanks Pejutah for coming back and sharing your success story with all of us here at LoanSafe. I still have no regrets, although I still miss my old place... Can anyone tell me if the time line is different for an equity line for the drop off than for a mortgage? Am I going to have to hold my vorpal sword on high and do battle with these twits in order to get it purged from my report?

With the 730 FICO Score - you should be more than fine to get a great rate on an auto loan.

If going New - Take the Dealers promotional financing. Since 2007, the LoanSafe forums how to get a small personal loan have helped millions of homeowners over the last 13 years either save their homes fast online loans no credit check with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

Maybe I will try calling Bank (Skank) of America tomorrow.

I e-mailed my attorney this morning asking about it... Also, we will all know within a month or two when people on this forum start getting them, and seeing their tax people.

I am planning on giving my tax guy a call as well to see what he can tell me... You should get a 1099, the question is what you do it with it and what exception to cod income, if any, you can claim. The non-recourse exception is highlighted on the handout dealing with debt cancellation and foreclosure. I am told by my tax advisors that this exception is not available in a short sale, but it is in a foreclosure, although there is some disagreement in the community over whether or not the non-recourse exception is proper where the non-recourse aspect of the loan is the result of state law (e. This is why I recommend you use an experienced tax pro that knows his or her stuff on 1099 income and exceptions. KFish, this rings true to me, except the part about short sales not qualifying sounds a bit odd. This gray area interpretation is exactly what I was trying to allude to in my previous posts and why I need to ensure I qualify under the Primary Residence exception.


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Cod is a very interesting when it comes to a rentals.

Essentially, the COD can be treated a couple different ways: 1.

Show it as rental income and offset it with your accumulated losses, 2.

Reduce the basis of each property by the COD and show a capital gain or loss depending on the final cash payday outcome of the foreclosure.

If the debt on the rentals is non-recourse, you should not get a 1099 for the COD.

You will get a 1099 for the foreclosure I guess what your tax guy is saying is that you will get a 1099-A for the foreclosure for sure, but not a 1099-C for the COD. Again, that assumes the lender is fast online loans no credit check organized enough to figure that out. What if you should not get a 1099-C due to the non-recourse nature of the loans, but the lender sends it anyway? The IRS law seems to me that you should not have any COD income to claim regardless of the document the lender happens to send you. Since I have over a year before I have to deal with it... Also, I know people that did the same thing this year, so I will wait and see how their taxes go in a few months. Hopefully by the time we have to do it, we will know the laws better. It is EXACTLY 2x bigger (went from 532ft to 1064ft). This question has been asked many many times on this forum... Youre best case scenario in AZ is 6 months after stopping payments. They have to give you 91 days notice of the trustee sale... My husband has been working out of state for few years.

We have already confirmed that we do qualify for a new mortgage even with no rental agreement in the current house in CA.

Our 1st mortgage is non recourse and 2nd HELOC probably is as well. Again I just want to make sure that if you were approved based on being able to qualify for both mortgages without rental income there is no fraud involved if you walkaway from your 1st home? Again I just want to make sure that if you were approved based on being able to qualify for both mortgages without rental income there is no fraud involved if you walkaway from your 1st home? If they ask you what your intent is in regards to your current home and you say to keep it and rent it, then subsequently bail on it after the purchase of the second home it could be considered fraud.

A lot of banks are not just requiring enough income for both payments, but signed rental agreements for current home and substantial liquid reserves (i. Again, ask the new lender if they have a problem with you walking away from your current home once they give hometown cash advance you the new loan and if you still get the loan - No fraud.


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You can tell them you plan to rent, and then you can change your plans after you close. Do they put their future car high interest loans for bad credit payment on their loan app? Besides, what motivation would the new lender have to charge you with fraud? They have a good loan that you are making payments on!

A fraud charge will only lead to another defaulted loan and another undervalued house on their hands. Again, ask the new lender if they have a problem with you walking away from your current home once they give you the new loan and if you still get the loan - No fraud. How can the future be relevant when the future can always change? You could lose your job or your renter could move out. The only way they can predict the future is to validate the past. In my case, since I qualified for both mortgages without considering rental income, they did not ask for a signed lease. If you find a broker that will give you a loan, and you provide factual documentation to support your application, then why not buy a new house? If you qualify based on your income to have 2 mortgages then what happens with the other home is moot unless they still require you to have a valid lease, etc. But the underwriter did asked me to write a letter and state why im buying a new home and what my plans are for the other home. I simply stated - to be closer to family and what to do with the other home. Also in guaranteed personal loan approval the loan application the other property was entered as a liability and not specified as R meaning rental. These lenders are making predictions that you will pay in the future despite what happens in the future. Again, if what you intend to do in the future will not or should not matter to lenders, then be up front with them. Underwriters are there for a reason - to verify documentation required to determine the risk of lending. If you want to make it a confessional and share all of your future intentions with your lender, go right ahead. And after a year of new mortgage payments and a foreclosure under my belt, no one is complaining.

Now, if you will excuse me - thanks to my new lower mortgage payment - I need to go pack for the Mexican Cruise that I leave for today.

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. Both of our properties are on non-recourse loans and thus with that baseline should be exempt from any tax consequences based off of Federal IRS rules, which are also summarized in your post.


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What I have been trying to say in my posts is that even though I SHOULD be covered by the non-recourse status (as should KFish), I would rather be qualified under the more recent and more straightforward TRA of 07, which is where the definition of a primary residence comes into play. I would rather be qualified under this because of advice that my attorney and fast online loans no credit check tax pro have given me. Additionally, I am further curious about the 1099s and if non-recourse loans will be receiving one, because as your post shows, COD Income does not even need to be calculated for non-recourse loans, in Cali anyway. It sounds like both KFish and I are planning on receiving one (per lender) and I believe the required tax filing action upon receiving one probably involves Form 982, but I do not know that for sure. I thought the lender forgiving the debt (no recourse) MEANT that you get a 1099, a requirement when lenders forgive debt. We will make less money now so that means I can claim the losses, and get a big return to boot!!! I thought he was pretty good, had a ton of knowledge about the laws, etc.... If there is no debt cancelled (which is typically the case if you have purchased a house in the last few years that is now underwater) then why would you be expecting to receive a 1099-C? Anyone who forecloses (or short sales) for that matter should receive a 1099-A indicating that they have abandoned their property. However, if you live in a non-recourse state and you walk-away from your primary residence (the house you have lived in for the majority of the past two years), you should not receive a 1099-C because no debt was forgiven.

I am by no means an expert on this, just have read my fair share of thrilling IRS publications. If you are interested, flip through Pub 4681 for lots of example scenarios.... PS fast online loans no credit check fast online loans no credit check Does anyone find it funny, that after so many people on this forum have consulted with tax attorneys, CPAs, lawyers, etc. Even the IRS literature uses a lot of should nots instead of will nots! I am just trying to work out the exact details because I get anal like that, so apologies if ssi payday loans I am making you question your understanding.

After looking some more, this is all just a moot point.

I fast online loans no credit check would expect this to be the case whether we are talking about one primary residence or multiple investment properties.