Posted on: 23rd Mar, 2009 08:17 pm
Does this tax relief work for a forclosure or just a deed in lieu?
I have two investment properties in Indiana that are not in good shape and I have not been able to pay on in 3 months. They are not rentable anymore because I cannot afford to take care of them. I can barely make the mort payments in the home I live and am hoping to get a loan modification soon on primary residence. I cannot short sale them because no Realtor wants to even deal with them and never return my calls. I spoke with the lenders regarding a deed in lieu and they want a signed listing agreement from me but as I said 2 different realtors won't call me back. I have been ignoring the lenders calls and just dont know what to do anymore. Im afraid of a judgement or they will freeze my almost empty bank account. Does anyone have answers. This is terribly stressful for me. I don't know if I should keep ignoring the calls do a deed in lieu or just forclose all together. Please give me some advice. No one has answers and now with all the new things Obama is doing do you think that the ramifications won't be as bad, I can handle the credit score thing but not a judgment or lein stresses me out.ALthough I had a 750 credit score for as long as I can remeber.other page my problem and my questions on what to do. I will copy and paste it and maybe someone here can give me answers.
I have two investment properties in Indiana that are not in good shape and I have not been able to pay on in 3 months. They are not rentable anymore because I cannot afford to take care of them. I can barely make the mort payments in the home I live and am hoping to get a loan modification soon on primary residence. I cannot short sale them because no Realtor wants to even deal with them and never return my calls. I spoke with the lenders regarding a deed in lieu and they want a signed listing agreement from me but as I said 2 different realtors won't call me back. I have been ignoring the lenders calls and just dont know what to do anymore. Im afraid of a judgement or they will freeze my almost empty bank account. Does anyone have answers. This is terribly stressful for me. I don't know if I should keep ignoring the calls do a deed in lieu or just forclose all together. Please give me some advice. No one has answers and now with all the new things Obama is doing do you think that the ramifications won't be as bad, I can handle the credit score thing but not a judgment or lein stresses me out.ALthough I had a 750 credit score for as long as I can remeber.other page my problem and my questions on what to do. I will copy and paste it and maybe someone here can give me answers.
hi mary,
this mortgage forgiveness tax relief generally works in case of a deed in lieu of foreclosure and only on your primary residence. as you are ready to take a hit on your credit score, i think the deed in lieu is the best option. i think you should negotiate with the lender or you can also look for assistance from a lawyer or a loss mitigation expert. they might be able to work out a solution for you.
thanks,
jerry
this mortgage forgiveness tax relief generally works in case of a deed in lieu of foreclosure and only on your primary residence. as you are ready to take a hit on your credit score, i think the deed in lieu is the best option. i think you should negotiate with the lender or you can also look for assistance from a lawyer or a loss mitigation expert. they might be able to work out a solution for you.
thanks,
jerry
As mentioned, Deed in Lieu is best option for you. But you need to rethink before you get stressed. The more you delay in payments, you will be losing on your score. Obama's hardship filing plan is also applicable for primary residence. You need to calculate on your affordable repayments.
Judgement will be at lateral stage when you have more repayments pending and the claim will be raised on you. There are better options before foreclosure, perhaps you are worried too early. You need to convince the lender at this situation. Debt consolidation can be one of them if one of your mortgage banks agrees to.
Last but one, You have two investments properties. You may be able to manage with one property, when you find none of the options working, but I feel, you must not be reaching that stage.
Judgement will be at lateral stage when you have more repayments pending and the claim will be raised on you. There are better options before foreclosure, perhaps you are worried too early. You need to convince the lender at this situation. Debt consolidation can be one of them if one of your mortgage banks agrees to.
Last but one, You have two investments properties. You may be able to manage with one property, when you find none of the options working, but I feel, you must not be reaching that stage.