Short sale with 2 loans

Guest 0.10 Dollars($)

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

Guest 0.10 Dollars($)

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?

Caron

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

Guest 0.10 Dollars($)

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?

sara · 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

Guest 0.10 Dollars($)

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.

jerry · Posted: Wed Oct 29, 2008 3:06 am Post subject:

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

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