Comments for Michael-Edward Cruz - CA Real Estate Broker - 01758933 http://shortsalemc.com Thanks for visiting my blog - For Service Call 1-760-689-BANK (2265) Thu, 08 Apr 2010 15:34:05 +0000 hourly 1 http://wordpress.org/?v=3.0 Comment on ASK TROY by Lenderhelp Inc. http://shortsalemc.com/short-sale-bulletin-board/comment-page-1/#comment-39 Lenderhelp Inc. Thu, 08 Apr 2010 15:34:05 +0000 http://shortsalemc.com/?page_id=297#comment-39 It’s common for jr lien holder to charge off the balance of their loan. The jr lien (second or third loan) will often do this when there is no equity and will often write off (charge off as bad debt). In most cases it willl be sold for pennies to an outside collection agency and they do not play nicely. They will need to agree to the short sale and that makes them very difficult to deal with. They really do not care about the home going to foreclosure or not. That is why we advise our clients to stay current on the second or third loans and HOA's. If you can it can mean the difference between a short sale and a foreclosure. It’s common for jr lien holder to charge off the balance of their loan. The jr lien (second or third loan) will often do this when there is no equity and will often write off (charge off as bad debt). In most cases it willl be sold for pennies to an outside collection agency and they do not play nicely. They will need to agree to the short sale and that makes them very difficult to deal with. They really do not care about the home going to foreclosure or not. That is why we advise our clients to stay current on the second or third loans and HOA’s. If you can it can mean the difference between a short sale and a foreclosure.

]]> Comment on ASK TROY by Lenderhelp Inc. http://shortsalemc.com/short-sale-bulletin-board/comment-page-1/#comment-38 Lenderhelp Inc. Thu, 08 Apr 2010 15:31:16 +0000 http://shortsalemc.com/?page_id=297#comment-38 Yes, you will receive a 1099 if there has been any debt left unpaid or forgiven. You will receive 1099C (Cancelation of Debt) for Short Sale and 1099A for foreclosure. In some cases the bank will go after the borrower for the difference and in this case there will be no 1099C. The state legislature is working on a forgiveness of debt bill for homeowners, so far the Governor vetoed the last bill and might not approve the one currently on being worked on. You should always consult a tax professional when facing possible foreclosure, loan modification or short sale. Yes, you will receive a 1099 if there has been any debt left unpaid or forgiven. You will receive 1099C (Cancelation of Debt) for Short Sale and 1099A for foreclosure. In some cases the bank will go after the borrower for the difference and in this case there will be no 1099C.

The state legislature is working on a forgiveness of debt bill for homeowners, so far the Governor vetoed the last bill and might not approve the one currently on being worked on.

You should always consult a tax professional when facing possible foreclosure, loan modification or short sale.

]]> Comment on HAFA – The new government incentive for short sales by house sale http://shortsalemc.com/2009/12/hafa-the-new-government-incentive-for-short-sales/comment-page-1/#comment-37 house sale Sun, 04 Apr 2010 06:53:41 +0000 http://shortsalemc.com/?p=32#comment-37 I cant wait till the recession is over and this short sale mess goes away. Have a great Easter! I cant wait till the recession is over and this short sale mess goes away. Have a great Easter!

]]> Comment on ASK TROY by jonathanp http://shortsalemc.com/short-sale-bulletin-board/comment-page-1/#comment-36 jonathanp Sat, 03 Apr 2010 04:54:57 +0000 http://shortsalemc.com/?page_id=297#comment-36 What does it mean when my loan is discharged? I have a first with litton and a second. I am trying to work out a loan modification and my second has been discharged. Any info you can give me would help. What does it mean when my loan is discharged? I have a first with litton and a second. I am trying to work out a loan modification and my second has been discharged. Any info you can give me would help.

]]> Comment on ASK TROY by Homeownerbythesea http://shortsalemc.com/short-sale-bulletin-board/comment-page-1/#comment-35 Homeownerbythesea Fri, 02 Apr 2010 04:20:16 +0000 http://shortsalemc.com/?page_id=297#comment-35 Do I get a 1099 if a home is foreclosed on or just on a short sale? Do I get a 1099 if a home is foreclosed on or just on a short sale?

]]> Comment on HAFA – The new government incentive for short sales by Lenderhelp Inc. http://shortsalemc.com/2009/12/hafa-the-new-government-incentive-for-short-sales/comment-page-1/#comment-34 Lenderhelp Inc. Tue, 30 Mar 2010 21:41:36 +0000 http://shortsalemc.com/?p=32#comment-34 Yvonne, Second lenders have become more of a pain. Since they have little more to lose they will make it difficult if not impossible to satisfy the lien. There are things you can do. Stay posted as we compile this information in our ASK TROY section of the site. Yvonne,

Second lenders have become more of a pain. Since they have little more to lose they will make it difficult if not impossible to satisfy the lien. There are things you can do. Stay posted as we compile this information in our ASK TROY section of the site.

]]> Comment on ASK TROY by Lenderhelp Inc. http://shortsalemc.com/short-sale-bulletin-board/comment-page-1/#comment-31 Lenderhelp Inc. Tue, 30 Mar 2010 18:37:17 +0000 http://shortsalemc.com/?page_id=297#comment-31 Most lenders are NOT approving past due HOA fees. We advise our client to keep there HOA dues current is possible. We will go more in depth later on this week as we put together a best practices for all homeowners. Most lenders are NOT approving past due HOA fees. We advise our client to keep there HOA dues current is possible. We will go more in depth later on this week as we put together a best practices for all homeowners.

]]> Comment on ASK TROY by mikerebroker http://shortsalemc.com/short-sale-bulletin-board/comment-page-1/#comment-30 mikerebroker Tue, 30 Mar 2010 18:30:38 +0000 http://shortsalemc.com/?page_id=297#comment-30 I would like to start this conversation by asking you what are most lenders doing when asked to pay for past due HOA bills. Can you help us with this? I would like to start this conversation by asking you what are most lenders doing when asked to pay for past due HOA bills. Can you help us with this?

]]> Comment on HAFA – The new government incentive for short sales by Yvonne Ewards http://shortsalemc.com/2009/12/hafa-the-new-government-incentive-for-short-sales/comment-page-1/#comment-22 Yvonne Ewards Sun, 21 Feb 2010 02:59:21 +0000 http://shortsalemc.com/?p=32#comment-22 Excellent blog. I just started to do short sales and I find that the second lien holders are not easy to work with. I have to try emergency stay of foreclosure for my clients who have been dragged for months by second lien holders. I guess I failed to asked the questions posted in the blog before I started. I close difficult files sometimes because I o some research. HAFA I hope will help us close more short sales than the traditional but I don't believe the new road will be easy. Yvonne Excellent blog.

I just started to do short sales and I find that the second lien holders are not easy to work with. I have to try emergency stay of foreclosure for my clients who have been dragged for months by second lien holders. I guess I failed to asked the questions posted in the blog before I started. I close difficult files sometimes because I o some research. HAFA I hope will help us close more short sales than the traditional but I don’t believe the new road will be easy.
Yvonne

]]> Comment on Will 2010 be the year of Recovery? by AliceChin http://shortsalemc.com/2009/12/will-2010-be-the-year-of-recovery/comment-page-1/#comment-2 AliceChin Mon, 28 Dec 2009 22:40:21 +0000 http://shortsalemc.com/?p=26#comment-2 Very interesting post and i also like your blog site designs, have bookmarked your site and will be looking for future updates. Very interesting post and i also like your blog site designs, have bookmarked your site and will be looking for future updates.

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