Will seller get a 1099 after a Short sale?
In California, if home loans (first and second) are 400K and buyer has offered 300K for short sale. Will seller get a 1099 for difference? If so, wouldn't it be better to let property be foreclosed on? Seller would not be looking to buy another home in future.
A short sale is the process by which homeowners can sell their home for less money than they actually owe on the mortgage(s). This is accomplished by providing proper documentation to the lender(s) to convince them to reduce the mortgage balance to allow the sale. If the sale is approved, the mortgage lender(s) will actually take a loss on the mortgage.
I am not into real estate. But remember that the IRS wants a piece of your hide no matter what you do.
After all, you are just a serf, a "n-word" on the U.S. corporate-state plantation.
by Julie Grimes 7 years ago
What's a short sale, and how does it differ from a foreclosure?
by beachbumrealty 6 years ago
If you will be asked, will you consider a short sale?I have this friend who is distressed because of his mortgage debts. His attorney told him to offer his property for less than its market value. Please help, I want to hear from you.
by mikeyperk 7 years ago
If you are underwater with your mortage and your family is growing. What to do? Short Sale?
by slimm528 6 years ago
While in the process of a short sale do you continue to pay HOA fees?
by ltonks 9 years ago
Where do I send a short sale package?
by Shepherd's Lamb 2 years ago
I just want to discuss what's going on in my little head right now and hope to hear from those of you more educated on the subject.I qualified to buy a condo in 2004 (six years ago). I paid $6,000 cash for closing. Two years later I refinanced to get into a fixed interest rate of 5.5%...
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