Debt Relief Agent
The business case for a short sale?
Discuss short selling my current home: The facts: + Home in Gilbert, Arizona (primary residence, two-and-half who live in it) + Bought in 2005 for $ 530,000 + I have told my agent after looking compositions, I could list $ 430,000 to treat to sell (currently 18.9% vs purchase price decline, even without taking into account the low-ball offers) + If all goes according to analyst expectations (what I have read in the Journal, the views of Credit Suisse, etc), the market will continue to decline in the coming months. (Additional 25% -35%) + First Mortgage is $ 360,000, 5 / 1 ARM at 5.25%, but for reinstatement in 2010. + Second Mortgage is $ 150,000 7.45% fixed rate. This second mortgage was originally but was refinanced 86k + If there is a new law that Congress has passed ("Forgiveness Debt Relief Mortgage, would be liable for taxes if I pursue this short sale?
3 things about your short sale proposal. 1. You must prove you can not handle the payments. I see nothing about being late or advance in foreclosure in your question … 2. You had a mortgage of 360,000 first and second of 86,000 (total 446,000). You refinanced and took another 64,000. This 64 000 the amount that puts you in trouble now. "Act of Congress addressed only federal taxes, you may be liable for AZ state taxes (if any) in the difference. 3. The business case for a short sale is to contain the loss to the lender. You are in difficulties due to your mortgage lender first to get paid in a foreclosure (which they should be 360,000 and you can list at 430,000). It is the second company that is struggling. The primary mortgage holder would be much better if only execution mortgage (remember that a short sale is a measure of loss mitigation and they will not lose in a foreclosure). Would be first in line to receive payment, they pay all that they should be and would be happy. The second mortgage company would probably have to buy the first to see any cash … I bet it is not a candidate for a short sale of your primary mortgage lender. good luck!
Ask A New York Real Estate Agent Episode #5
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