 Moving and paying rent |
| I am getting a job transfer but my leasing office will not let me out of
our lease. My job is going to pay two months of a lease break but the office will
not accept the offer. We are moving from T... |
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| Bathroom cieling caving in cause of leak from other apartment. |
| A week ago I went into my bathroom and noticed a huge leaking sunken in water bubble in my cieling right above my toilet.it was late at night on a friday but I called the landlords to let them know ... |
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| Selling home and have an offer to rent prior to purchase |
| We have an offer: PB (Prospective Buyer) would like to rent 23 Apr - 31 Jul 11 along w/ an offer to purchase and close by the 31 July 11. There is no mention of Security Deposit and the ... |
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| My parents home and their deed |
| My parents and grandmother are joint tenants with right of survivorship on a home in NY that has no liens or mortgages against it. Would it be simply for them to simply add my name to the deed in ... |
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| urgent legal advice needed |
| My wife and I need some urgent legal advice regarding a trouble landlord.
Last July, my wife and I broke our 1-year lease at our duplex in Missouri. Our decision stemmed from a variety of factors ... |
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| eviction notice to get out.. even though my rent has been paid |
| i need help.. i rented an apartment from GREEN WIN apartment , ok .. my rent is $555 i paid my august 2010 rent .. apparently they lost the money order i gave them.. now they are writing me ... |
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| I want to finance a mortgage with my parents and not a bank. |
| I need to refinance my mortgage anyway, and I've been looking at quite a few current rates. Anyway, after looking at all of it, I realized that it's crazy to be paying a bank $7600 every year in ... |
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| Tenants refuse to move out at end of term |
| Thank you for a great website!
I rented my home (two bedroomed, one bathroom), well cottage really, to my son's teacher's parents. As I "knew" them, I gave them a reduced rent and didn't charge ... |
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| Can I buy a house with no income verification, my credit score is 790 and I can put 30% down |
| My income an tax return is from overseas and probably not eligible in the US. I have excellent credit, a very good (unverifiable) income an a high cash reserve, can anyone tell me how I go about ... |
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| dont know what to do???????? |
| k so my husband and myself moved into my great grandmothers home and basically "bought" it from her, we have been paying the morgage for 2 years now( and weve been paying that through our savings ... |
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| Is this valid? |
| We have our house up for sale right now, this is the first time we have ever sold a house before so didnt really know what to expect.
The house has been up for sale since November, and up to now ... |
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| regarding rent modification |
| hi i was wondering do i have any rights when my landlord is going through
modification should we still pay him rent after he lowered my rent one month to 750
then the next two months he raised it ... |
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| first time home buyer bronx ny |
| hello,
I need advice on buying a condo. I don't know much about the real estate world. Any advice would serve great help. So first off, it just me and fiance. My fiance makes 40K/yr plus commision. I... |
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| can a landlord put the apartment for rent when someone is already renting it??? |
| My neighbor is currently in the hospitalized because he has brain cancer and this afternoon his father went to the apartment with the key of the door to open it and he notice that someone was trying ... |
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| How can I sell or rent my property on the best way? |
| .I am working in the Tax Management, I am higher expert for the tax payers,except my permanent job in the Tax Management, I am writting the project proposals to help poor people,
My parent have ... |
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| Need Advice: Rent Controlled Units in Escrow |
| Our guest house in one of two houses on a property in Los Angeles, CA. It has been determined by LA Housing that the units are under rent control. I have lived here 1.5 years. The property is in E... |
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| Real Estate Pressure |
| Before I signed the contract to sell my home, my real estate agent provided me with wrong estimates of the Closing Cost Estimate. The closing is in a week, and I'm discovering that the fees I have to ... |
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| Can HOA fine a renter for profanity? |
| I rent a condo from a property management company. I never really realized that it was governed by an HOA, but today I got a note saying that i'm being given a warning for using profanity and if ... |
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| Landlord access for new viewings |
| I have given my landlord 1 mths notice in writing but he now says that he come round at any time as many times as he wants to show possible new tennants round while I am still living there, I have ... |
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| sheriff showing up for eviction |
| Tomorrow is the date of lock out for my eviction.Does the sheriff always show up to lock out tenant and remove belongings or does the landlord have to call them to do so.my landlord,bless his heart,... |
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exnavyew | Real Estate question: If my mother stops paying the mortgage on a rental property she has...? |
...(the debt is more than it's worth), that is if she just decides to 'walk away' from it and let the bank foreclose on it, can the bank go after other assets (paid off properties/homes) of hers to pay off the balance? |
 |
 
cainvest1
|
They can seek a judgment to collect what she owes in excess of the eventual foreclosure sale if she has assets.
This will affect her credit.
The difference between the loan and the foreclosure sale is also taxable income to her so she should seek professional tax advice before she digs a very deep hole... |
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the tax lady
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The bank didn't sell her a house, they loaned her money.
The fact that it's underwater is not the bank's problem.
Banks are generally NOT forgiving these loans until after they have taken steps to collect the money. Yes they can sue her for the difference.
As far as taxes go, once the property is foreclosed on, she can claim the loss on her tax return. That will free up some money to pay on it. |
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My Take on It
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Yes, the bank will come after her because it was an investment property, not her primary residence. They will either try to collect the shortfall after auction, or they will send her a 1099 which will need to be added as income on her taxes which could open up a whole other can of worms when she owes the IRS. |
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