2006-06-30 17:17:29 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Correct..A shortsale is when an Real Estate Investor discounts the mortgage for less of what there asking for.Banks have to do this because they can not have non performing notes on there record.Also when a property is in foreclosure the Bank Already got paid the whole note or amount borrowed through the FDIC..This is why Real Estate is always good..Regardless what the market saids.
Good Luck
www.foreclousreavoidance.ws
2006-07-01 00:59:07 · answer #1 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 0⤋
A short sale is an accommodation made by a lender when the market value of the home is more than the note. When a lender accepts a short sale they have no recourse. They cannot try to collect any money from you in the future. It will also show up on your credit as paid as agreed, because they are agreeing to new terms.
2006-06-30 23:56:09 · answer #2 · answered by Not Tellin 4 · 0⤊ 0⤋
We were truly in pre foreclosures even as the commercial company would even communicate short sale with us. We went to a realtor somewhat good in short revenues. We owed 201,000 on our homestead and it became in person-friendly words nicely worth 100 and sixty,000. We had 2 mortgages, the first one became for $161,000 and the second one one became for $40,000. The realtors place of work negotiated the first mortgage all the way down to $one hundred thirty 5,000 and the second one mortgage all the way down to $5000. We had to jot down a letter to the non-public loan company to describe our difficulty earlier they'd approve the quick sale artwork outs. The realtor then listed the homestead same to a classic sale and it offered 2 weeks later. We received paper artwork from the non-public loan company initiating of the subsequent 12 months for our taxes. We had to pay taxes on the adaptation of loss to the first mortgage. So we did not somewhat get carry of a go back. Our ties were decrease and we were on our way.
2016-10-14 00:38:08 · answer #3 · answered by ? 4 · 0⤊ 0⤋
basically your lender agrees to accept "payment in full" that is less than the amount owed.....however, whatever the difference is.....you pay income tax on it.
owe: $180K, shortsale: 140K....you pay income tax on $40K....
be very careful.....it still shows up on your credit.
2006-06-30 18:28:34 · answer #4 · answered by Paula M 5 · 0⤊ 0⤋
read this
http://www.shortsalecenter.com/
2006-06-30 17:36:27 · answer #5 · answered by goldnut1 1 · 0⤊ 0⤋
no
2006-06-30 17:39:56 · answer #6 · answered by gsold1977 1 · 0⤊ 1⤋