Home arrow Mortgage Forums arrow Announcements Feedback and Our Pub arrow

Short sale with 2 loans

Author Message
Terrygg

Guest







Post Posted: Fri Aug 22, 2008 7:12 am    Post subject: Foreclosure / Short Sale
Like 0
Dislike 0

I have no idea if the lender will forgive the debt. I am in the middle of a foreclosure / short sale. We have the house listed and I am waiting to see what happens.

Since I live in Colorado and the property is in California will I be able to claim the mortgage tax relief?

Thanks for all your help.

Terry
John12

Guest







Post Posted: Sat Aug 23, 2008 3:24 am    Post subject:
Like 0
Dislike 0

Hello.

You should gt the tax relief although you live in Colorado and the property is in california. Have you consulted with an tax advisor on this issue?
Icon Mini Profile Caron
Caron
Moderator



Joined: 19 Jul 2005

Posts: 1519
Location: florida
281.04 Dollars($)
Post Posted: Sat Aug 23, 2008 3:33 am    Post subject: RE: short sale/foreclosure tax consequences
Like 0
Dislike 0

Hi Terrygg,

Has the lender finally agreed on a short sale? If so, then you'll have to pay the difference between the loan balance and the sale price. It doesn't matter if you're in Colorado. What's important is the state where the property is located. Since it's in California, therefore, you will not be eligible for the mortgage tax relief . So, you'll have to pay taxes if the unpaid debt is forgiven.

Good luck

_________________
Mortgage Shopping made easy with booklet
cfinch

Guest







Post Posted: Tue Aug 26, 2008 2:50 pm    Post subject: 2nd Lender coming after me
Like 0
Dislike 0

I received a loan to install a pool in my home. I short saled the home last April. The 2nd note holder is coming after me through collections. Can they do that even if the house is in California?
Icon Mini Profile sara
sara
Moderator



Joined: 05 Jul 2006

Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
Post Posted: Wed Aug 27, 2008 6:03 am    Post subject: RE:
Like 0
Dislike 0

Hi Cfinch,

Welcome to the forums.

Where is the house located? may be the second lender has onatined a court order in California. The court may have considered the deficiency judgment in some other state as valid in california and that's the reason the second lender is coming after you. Since you no longer own the property, therefore, the second lender has sold off your loan (which is now an unsecured debt) to a collection agency.

I'm afraid but they're just asking for the money they've invested. Why don't you try and negotiate with the second lender for a charge-off? take help from an attorney to make the negotiation a success.

Take Care
Jessica Pineda

Guest







Post Posted: Tue Oct 28, 2008 10:03 am    Post subject: Short Sale Charge off
Like 0
Dislike 0

I just did a short sale in July. I'm not receiving a bill in the amount of $55,000 from the second lender. On my credit report it shows that it was charged off. Is it better for me to claim bankruptcy, Chapter 7? I'm a single mother with three kids and would never be able to pay that off.
Icon Mini Profile jerry
jerry
Moderator



Joined: 17 Oct 2005



Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
Post Posted: Wed Oct 29, 2008 3:06 am    Post subject:
Like 0
Dislike 0

Hi Jessica Pineda!

One of the community members have answered your query at the given link.
http://www.mortgagefit.com/second/chargeoff-bankruptcy.html

Take a look at the answer. I hope it will help you.

Thanks,

Jerry
Janice

Guest







Post Posted: Sat Feb 07, 2009 4:14 pm    Post subject: re:2mortgages on property
Like 0
Dislike 0

similar to above:1st Mortgage 270K second Mortgage(line of credit secured by house) different lender 150K: Question if lender number two isn't PIF, but I am virtually bankrupt-no assets/homeless...can they garnish future wages? TIA
Guest









Post Posted: Fri Feb 13, 2009 1:05 am    Post subject:
Like 0
Dislike 0

They may garnish your savings but I don't think they can garnish your future wages.
MARY FORNERIS

Guest







Post Posted: Thu Jul 30, 2009 6:05 pm    Post subject: equity line 2nd on short sale of home
Like 0
Dislike 0

1st loan o k'd short sale 2nd equity line wants 6000 to sign off deed of trust. it was ok'd by 1st now were told 2nd wants us to sign a nonsecured loan for defincency on the 2nd are they won't sign off with 1st. calif is a anti defincensy state can they do that? does that appy to equity line on home?
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10020
Location: Alaska
917.78 Dollars($)
Post Posted: Thu Jul 30, 2009 9:52 pm    Post subject:
Like 0
Dislike 0

Hi Mary!

Welcome to forums!

As far as I know, the second mortgage lender would be able to sue you for his payments. Anti-deficiency laws would restrict the first mortgage lender from collecting the deficient amount from you. If you do not pay off the required amount to the second lender, there are chances that he may charge off the loan to a collection agency.

Feel free to ask if you've further queries.

Sussane
betty

Guest







Post Posted: Mon Mar 08, 2010 11:30 am    Post subject: short sale in the second
Like 0
Dislike 0

I am through a short sale . The short sale is only in the second, an equity line of credit with other bank. The first gets all he money but the second only the half . This more of the 5% (almost 30%) after all the debt after taxes an default payments. etc. It is my second property. Can they go after my other property ? In the other I don't have equity also because of the devaluation. In this one I stopped the foreclosure in this one and in the other I couldn't pay the last month .I'am self employed and we don't get enough money. The fist house was rented and the renters were evicted. I don't have money for the two mortgages even if a rent again the house. thanks
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10242
Location: ALASKA
1042.50 Dollars($)
Post Posted: Mon Mar 08, 2010 9:40 pm    Post subject:
Like 0
Dislike 0

Hi betty,

The second lender will have the rights to sue you for the deficient balance resulting from the sale of the property. You will have to pay it off. If you don't do so, then the second lender can place a lien on your other property. However, in order to do this, they will have to file a lawsuit against you and get a judgment.

_________________
Procrastination is the enemy of your financial success
Strands

Guest







Post Posted: Wed Dec 01, 2010 11:41 am    Post subject: 2nd with same bank
Like 0
Dislike 0

Lots of information here- you all are wonderful. Question, what if teh first and 2nd loan are with them same bank? Is it easier to get the 2 approved for a deed/lieu or a short sale? We ahve a home that we are 3 months behind on- both the first and 2nd - we have both loans with teh same bank and want to know what the best options are and possiable scenarios. We cannot afford to pay of the 2nd. ( if we could we would)
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10020
Location: Alaska
917.78 Dollars($)
Post Posted: Wed Dec 01, 2010 10:04 pm    Post subject:
Like 0
Dislike 0

Hi Strands!

Welcome to forums!

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/twoloans-dedinlieu.html

Take a look at it. Hope it helps you.

Sussane
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
 Previous  1, 2
Page 2 of 2

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.141 seconds.