 The house i was buying needed to many repairs, and now the owner doesnt want to give my escrow back.Any ideas? |
| I was purchasing a home, We set up the escrow on a good faith judgement. Our home inspector told US, that the repairs where major. The clause "was anything over 1000 dollars " We could back ... |
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 Renting out....please help? |
How do people make money when renting out a house, flat etc when they still have to pay the mortgage at the same time?
eg. Having to pay the mortgage company lets say £350 p/m plus ... |
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 Should I be angry at my landlord for coming in and cleaning my apartment while I was out of town? |
| My landlord knew I was out of town for a week, and that my boyfriend was watching my cat. She called me and told me that she'd gone into the apartment to check the cat (I didn't ask her to) ... |
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 So, in pounds and pence, what does this new Interest Rate increase mean to your mortgage? |
I was lucky enought not to have a mortgage, but was curious about those that do.
Makes me wonder if Gorden Brown's past preaching was right, when he was pushing the idea of fixed rate ... |
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 What can we do to keep the prior owners of our house from coming around to reminisce? |
| We recently moved into our dream home in New Jersey and have been living here for about 7 months now. The home was sold to us by an elderly woman whos husband passed away the year before and who ... |
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 I need advises from people with experience please ! first time home buyer? |
| i would like to know how the process goes ..i am very stressed right now because i have no money to put down , i was told that i can get a 100% loan that covers down payment and closing cost , but i ... |
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 Can i ask the realtor to show me the house again? |
| My husband and I are under contract on a purchasing a house *(we have agreed on a price, we have had an inspection done), we are just waiting on a closing date which is set for November 14. However, ... |
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 What do I do if the landlord intentionally isn't paying the mortgage? |
| I sent a letter to my landlord the other day asking for a copy of a mortgage statement. I live in Sacramento where there are a good amount of foreclosures. We know someone who was renting and ... |
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 Are landlords responsible for an evicted renter's delinquent nipsco(light and gas) bill? |
| My husband and I are trying to rent out our property in Gary, Indiana after evicting the renter for non-payment of rent. When we went to the electric company to get the lights and gas turned on, we ... |
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 When's a better time to buy a house - winter or summer? |
| I heard that there are better bargains during winter and summer in terms of buying a house, but between winter and summer, which is better?... |
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 Is a 6.3% interest rate on a home a good deal? |
| I was just approved for a loan of 6.3% 30 year fix loan. Is this good or should I wait until I can get a lower ... |
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 Our credit is bad due to medical bills. I am looking to buy a house. My question is this...Is there anyone out |
| there that will help us with a home loan with poor credit? I need to move out by Febuary or March. And I already have a house we want to buy from a private owner. But, the owner can't help us ... |
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 Why bail out those in foreclosure? |
| Congress is trying to pass a bill that would essentially bail out a great deal of people... but is it fair to all those people who did manage to make their payments and struggle through it? Why ... |
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 Real estate - We are selling our home, had it on the market last summer - lots of interest... now none.? |
| We took it off the market for the fall and winter. So, last spring and summer there was alot of interest, showings about 2 a week and very positive feedback. We are in a time crunch and want to ... |
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 I want to be a real estate agent, and eventually a broker. everyone says college isn't necessary, but...? |
| Would it be beneficial to me to get a 2-year degree in Marketing to learn some business skills? please tell me anything else you think would be beneficial to help me be a successful real estate ... |
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Mike J | Need help understanding a specific question about the Sale of Real Estate.? |
Scenario: The payoff balance on my home is approximately $120K. Can I sell my home for $100K? If so, what type of an arrangement is made to pay the remaining $20K to the mortgage company? Can the sale be completed in this fashion? I need to relocate immediately due to a career move, but the housing market is moving extremely slow in my area. I'm willing to take a loss just to get rid of the property. Any advice would be appreciated. |
 |
 
Mrs HarleyBrat
|
SHORT SALE = the bank accepts less than what is owed on your present mortgage. A good Realtor can also get the bank to sign off on not coming after you for the balance. There is also new legislation in place so that through 2009 you are forgiven any amounts not paid off to the bank. It used to be the bank would send you a form for the difference between what the home sold for and what you owed on it and you had to pay tax on it. The new legislation eliminates that.
Also - yes there will be lender fee's, realtor costs, title costs etc HOWEVER if the bank accepts a lesser amount - they also know from the lesser amounbt that all those costs will be taken out as well (lowering how much the bank actually gets)
I just helped someone buy a house - the bank accepted less than the $210K owed on the mtg - they also paid all realtor costs, title and a lien on the property. The sale price was $155K - the bank made alot less then that when you take out all the costs I mention above and they also signed off forgiving the seller on any difference in the amount due. Go talk to a GOOD REALTOR - maybe even a financial advisor. Good Luck |
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MVD34
 |
You essentially have two choices:
(1) come up with the cash yourself at (before -- you will have to prove it to the bank) closing, or
(2) Get the bank to approve a short sale.
In (1) you eat the loss in cash. In (2) the bank does. |
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Real Estate Guy
 |
You can sell the house for what ever you want. However, at the settlement table, you will need to come up with cash for the other 20k. PLUS!!! there will be closing fees and realtor fees.
The best way would be to take a loan out for the money you need. Or rent the house out until the market turns around.
YOU CAN'T JUST WALK AWAY. You will still the balance and the IRS will tax you on the balance and you will kill your credit. |
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Jackie S
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If you're willing to take the loss, you could just bring the extra $20K to the closing, along with other fees you'll have.
I don't think your lender will agree to a short sale because it doesn't sound like you're in trouble (about to lose the house), and they usually will do it just to salvage *some* of their money without having to foreclose on you.
I think your best option is to rent the house, until you can sell it for at least the mortgage payoff. |
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Beverly S
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No way, you can't sell a house unless you can give your buyers a clean title with no unpaid liens. Your mortgage company actually owns it until it is paid off so you would be selling "their" property for less than you owe on it. Try renting it out until the market comes back. |
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William H
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Is your new employer willing to share costs of relocation? One of the costs of relocation is the sale of your current home. There are relocation companies which will buy the property from you if hired by your company. |
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bud68
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When you sell your home, you are responsible for paying off your mortgage loan(s), either from the sale proceeds or your own resources. Otherwise, the sale will never close. |
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daeve930
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When you sell the house, the existing lender expects to be paid in full. They will not release the lien otherwise, and the new owner will not get a clear title or a warranty deed. Nobody will be happy.
If you sell the house for less than the payoff, you are going to have to dig up the rest of the money someplace. No two ways about it. |
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theshortsalepro
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Short sales are predicated on the relationship between value, and what you owe. If your home's fair market value is $150,000, your mortgage lender won't likely approve a short sale for $100,000. If the home is worth $100,000, then the lender would consider a short sale of $100,000... and either 1) forgive the shortfall of $20,000, 2) ask you agree to continue paying after the sale via a 'soft note', or 3) simply agree to release its security interest (mortgage) and deal with the remaining balance sometime in the future with you still on the hook.
The mortgage lender is under no obligation to forgive the debt. Forgiven mortgage debt may or may not be exempt from 1099 income tax liability. The Mortgage Foregiveness Debt Relief Act 2007 law is limited to the sale of primary residences, and the debt forgiven must be qualified acquisition debt (no cash out refis or second mortgages).
Short sales are a viable, non foreclosure option. They can be complicated, and take many months before the lender makes a decision. |
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