Comments on: ASK THE SHORT SALE EXPERTS http://shortsalemc.com Short Sale Information Website - California Real Estate Broker 01758933 - This is not a government site Fri, 10 Dec 2010 07:57:04 +0000 hourly 1 http://wordpress.org/?v=3.3 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.

]]> 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.

]]> 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.

]]> 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?

]]> 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.

]]> 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?

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