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aric_pvtreeservice

Joined: 25 Dec 2007
Posts: 1
1.40 Dollars($)
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larry

Joined: 27 Jun 2007
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blue

Joined: 21 Oct 2005
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jenkin7

Joined: 04 Jun 2007
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Jessica
 Community Mentor

Joined: 08 Jun 2004
Posts: 808 Location: OHIO
435.63 Dollars($)
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Posted: Wed Dec 26, 2007 6:34 am Post subject: RE: avoid foreclosure with short sale
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Well Aric, please don't worry; the difference between your home value and the total loan balance isn't much. So, if at all you aren't able to pay and if you're ready to sell off the home, that will be a short sale only. But how's the market in your area? Are you aware of the home prices in the neighborhood - I hope you are. If not, then you may consult a real estate agent before you go for short sale. If this option works out for you, then the lender will probably file a deficiency judgment to collect the remaining debt.
Even if you are not able to pay the remaining part, you may negotiate with the lender for cancellation of the unpaid debt. And, as per the recent Mortgage Tax Relief Act, taxes won't be imposed on the forgiven debt. So cheer up and talk to the lender.
Regards,
Jessica _________________ http://jessica.mortgagefit.com/ |
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Shawpiro
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lisascherzer


Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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