 Landlord refused to return deposit. Sue or not sue? |
| I live in CA, and my landlord has withheld my deposit for two months when he's supposed to return it within 21 days. I have cleaned my apartment, gave him 30 day notice and forwarding address ... |
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 Military couple trying to break lease!? |
| I was trying to figure out how my husband and i can break our apartments lease in California. We moved into this apartment complex in April 4, 2008, when he got out of the navy. First of all we did ... |
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 Can you buy a house filled with mold? |
| and does the city, state, or government do anything to prevent a house from being sold or rented if it has mold?... |
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 Is there such a thing as a real estate company that will buy your house if they don't sell it for you? |
| Someone told me this type of company does this so I was just wondering.My real estate man didn't mention this service to me when I signed up with him.My 6 months will be up in Nov,so far lots of ... |
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 Do you think that mortgage rates will drop in the next 30 days? I know it's not a sure thing, but I'm curious. |
| We're planning to refinance our 7-year ARM (5.125%, expires 12/2011) and 7.9% 2nd mortgage. Right now, we can get it at 6.25% in one mortgage, but we were hoping for a 6.125 or 6% mortgage (... |
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 What is the best way to get about $30,000 for a down payment for a home? |
Additional Details
OK people,
I live in South Carolina and make $45,000 a year. I could save about $2,000 a year with no problem and can afford a $1,000 a month payment for a ... |
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 What are the pros and cons about living in a mobil home? |
| What is it like? Is it as bad as the TV says it is? I saw the inside of one today and I thought they were pretty nice. So why don't they give positive advertisements? Please any info is great! T... |
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 I think the goverment should be held responsible for all the people who took on? |
| morgages at extortionate rates in the past 10 years the British Goverment should be made to pay these families that can no longer afford to stay in their homes and for allowing Developers to charge ... |
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 Is it possible to give your house to the bank without being foreclosed on? |
| The reason I ask is that I purchased a home in Aug of 07' and now I've found a place that would much better suit me that is about 10k less than the place I own now. Do you think the bank ... |
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 My husband and I are planning to buy a house with my mother in law as a cosigner.? |
| my husband and i are planning to buy a house.the primary applicant is my husband and my mother in law as a cosigner as me n my husband both have bad credits.how would this affect our application and ... |
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 Counsel house problem. Can i live there after my father dies? |
| My father is ill and i don't think he will live 6 months, I have decided it is best if i moved in with him. That will mean giving my counsel house up and moving me, my husband and son into my ... |
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 What's making my apartment so stinky? |
| I just moved in last week and my apartment is SO stinky. I was told before I moved in that meth users were living here previously. My landlord said she was sure there was no meth lab here, but they ... |
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 Is it unethical to use more than one real estate agent if I am buying a house? |
| My wife and I are planning to buy a house, ZIP realty will give us a certain amount of $$ back for using them, and another company won't. Problem is, the ZIP realtor has strange hours, and we ... |
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 Real estate help please..? |
Ok, here's the deal. I am currently in a home that has been on the market for 6 months. The market is very slow, and it looks like I am at a dead end.
I plan to stay in my next ... |
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 Buying property on Mars? Scam or legit? |
| I was offered by a telemarketer a homestead on the planet Mars. He went on and on about global warming and the idea that we might have to leave this planet someday... I think its a cool idea. My ... |
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Bono | We are possibly having to foreclose on our house. We did 100% fin.. Are we responsible for the differece? |
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Steve B
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Most of the time..Yes. You don't need to file BK because that will effect the rest of your credit. If you are thinking about renting something I would start on that before the foreclose shows up on your credit. Make it easier. |
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jsullymaan
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The bank will add up all it's fees when it performs the foreclosue and add that to the loan principal of your note. It will then attempt to sell the property at a trustee's sale or other type of sale in certain states. If they get the value of your home plus their charges back at the auction, they will not hit you up at all. If they get more, in most states, they are required to give you back the difference. If they don't make the minimum at the auction, they will bid that minimum themselves and take possession of the property. Then they will accrue more fees to list and sell the property. If they have to sell it at a fire sale price, they will take the loss, but they will seek a deficiency judgment against you for the ENTIRE shortfall.
So if your house is worth $250k, and they accrue $15k in costs, they will be seeking $265k for the property. If it lists with an agent and sells for $160k, they will net out about $160k-$15k in costs-$10k in commissions=$135k. If the principal balance of your loan is $240k say, you would be facing a judgment on your credit in the amount of $105k....I would avoid the foreclosure at all costs. It will ruin your credit and could end up like this. Better to try and be proactive and do a short sale early to try and avoid at least the fees, and maybe even negotiate out the deficiency judgment to a certain extent. Everything is negotiable if you find a buyer before the bank has spent any real money on your case, they don't want your home any more than you don't want to lose it. |
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jmrob29
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Contact your tax preparer, but NO you aren't responsible for the difference according to the new law that GW passed in September.
Good luck. |
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MIND THE GAP
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In some states NO. It is just too bad for the lender in these states if the house does not sell for the amount of the loan.
Check with an attorney in YOUR STATE. |
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godged
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It depends on what state you are in. California for instance, doesn't allow deficiency judgments. |
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Bryan P
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The short answer is yes. But the Bush administration passed a law that may let you get away with it... Contact a CPA, there are new tax laws. |
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Real Estate Guy
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YES YOU ARE. Plus the IRS will count the difference as income. |
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jaws65
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yes |
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kimba T
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About foreclosure, the most complete summary guide HERE:
http://buy-a-foreclosure.blogspot.com/
(How to buy a foreclosure, listings, short sales, forecl. apts,
pre-foreclosures, stop foreclosures & foreclosure loans )
Good luck! |
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johnski415
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Offer a DEED IN LIEU OF FORECLOSURE first, this will help.
Otherwise yes you may receive a Deficiency judgment or a 1099 for the amount written off. Filing bankruptcy will wipe the deficiency judgment and appealing to the IRS can reduce or eliminate the 1099 |
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helpmebfree123
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You should probably file bankruptcy to protect yourself. |
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