That is because the banks make more money foreclosing.Riff62 said:
Anyone do a home loan modification?
- Thread starter BlackKnight
- Start date
Riff62 said:
Talk to an attorney...the bank cant stop you from selling...
I love how all these people have bought houses and agreed upon a price and now the market is low they think the Gov owes them something, You made the deal you agreed to the terms, you agreed that the house over 30 or whatever years was worth to you.. But now you cant sell it for what you could a few years ago means that now you want to sell it and make the gov pay for your loss.. Im not sure but I dont think real life works that way, If you buy it you agree to a price thats what you pay..
SRT10VENOMOUS said:
Agreed...although there loss can be my gain.
Also, refinancing wont go through if you are upside down by 45 percent...no equity no loan
505'sFastestViper.
Full Access Member
:congrats: :congrats: :congrats: :congrats: :congrats: :congrats:SRT10VENOMOUS said:
ChrisAZ
Full Access Member
Wifey said:Short sales are a quick way to get a 1099 so you pay the tax ( as income) on the difference between the Owed amount and the sales price
House loan $300,000....short sale price $150,000 leaving you with a $150,000
taxable income ( 1099 from lender) to add to your tax return. ( unless something has changed)
Loan mods... what a jokealmost No One has been successful at that.
The bankers already got paid so they could care less.
Good Luck
It depends on the State you live in. In Arizona and other states, if the property is your primary residence and the loan was only used to purchase the home, you will not be taxed (though I will receive a 1099C).
ChrisAZ
Full Access Member
SRT10VENOMOUS said:
For the record, I was a high paid executive with a large mortgage. I was laid off in February due to the economy. I could not pay my $4,500 a month mortgage on no cash flow. So, as most people would do, I decide I have to sell the house. Okay. It is now worth $355,000 less than I owe. So what do I do? I consulted an Attorney and my only option was to short sell and if that didn't work it was foreclosure. I bought a home I could afford as long as I was employed.
The person i mentioned does not do modifications, He will help you decide what direction you need to go with what you have.BlackKnight said:
SRT10VENOMOUS said:
You live under a socialist govt and you have a problem with govt help...LOL>..:marchmellow: ....the bank has a stake in the loan too...they accepted the home as collateral so they should share in the devaluation...
TNVIPER said:
Um no problem with gov help.. just a problem with people who think they are owed money or other things from the gov baised on decisions they made.. I invested 100,000 k in stocks and lost it all on a bad trade.. what do i do call the gov and demand my money back because my bad decisions?? hmmm ... Thats the way..
if thats the case im going after the bank for my auto loans and let them know that the car i bought new is no longer worth the price i paid and demand they lower my payments lol.. common now..
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