Posted: Fri Aug 22, 2008 7:12 am Post subject: Foreclosure / Short Sale
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
Posted: Sat Aug 23, 2008 3:24 am Post subject:
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?
Posted: Sat Aug 23, 2008 3:33 am Post subject: RE: short sale/foreclosure tax consequences
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.
Posted: Tue Aug 26, 2008 2:50 pm Post subject: 2nd Lender coming after me
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?
Posted: Wed Aug 27, 2008 6:03 am Post subject: RE:
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
Posted: Tue Oct 28, 2008 10:03 am Post subject: Short Sale Charge off
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.
Take a look at the answer. I hope it will help you.
Thanks,
Jerry
Janice Guest
Posted: Sat Feb 07, 2009 4:14 pm Post subject: re:2mortgages on property
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
Posted: Fri Feb 13, 2009 1:05 am Post subject:
They may garnish your savings but I don't think they can garnish your future wages.
MARY FORNERIS Guest
Posted: Thu Jul 30, 2009 6:05 pm Post subject: equity line 2nd on short sale of home
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?
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.
Caron
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