If banks weren't trying to be so damn greed and would be willing to work with people more defaulting or abandoning wouldn't be happening so much. But the banks rule the U.S.
Have you ever thought about renting?
I was under the impression that a short sale was not as bad as a complete default on your credit. They put settle for less than the balance or some shizz.
How should a bank work with someone? By reducing your mortgage payments to match the current lower value of your home? Then they'd be losing money. (assuming that's why the person is choosing to default, as opposed to simply not being able to afford the home anymore)
AND - once you agree to the short sale, you've also agreed that the difference between the amount owed and the sale price is personal income to you.
ie:
$300,000 mort
$225,000 shortsale accepted by lender
means you've just added $75,000 1099'd to your personal income that year that you owe tax on.
fly, is that for foreclosures AND short sales?
I thought it was just for foreclosures.
If banks weren't trying to be so damn greed and would be willing to work with people more defaulting or abandoning wouldn't be happening so much. But the banks rule the U.S.
No one wants to live next to tumor guy.
also, banks aren't approving a whole lot of short sales right now. and even if they do, they can come back on you with a judgement for the difference between your loan and what the house sold for on a short sale...
Generally its written into the sale contract that they cannot, unless you're an idiot.
This.i dont think you understand, the bank has you by the balls at this point. there's no negotiating... no 'writing addendums' to the contract. it's a yay or nay situation.
its not some magical way to screw over the banks.
i dont think you understand, the bank has you by the balls at this point. there's no negotiating... no 'writing addendums' to the contract. it's a yay or nay situation.
its not some magical way to screw over the banks.
If I were a bank I'd go after obtaining a judgement to make an example. Sheriff sale's are fun.The hell they do. By that point your credit is already screwed. They can either accept the offer or own it. Which do you think they'd rather do these days?
If I were a bank I'd go after obtaining a judgement to make an example. Sheriff sale's are fun.