What can be done about a 1099 from a lender for a rental property if the property is sold in a short sail if?
you could never afford to pay the amount back in one lump sum. This would be for the State of OHIO?
What are my tax implications on a short sale property that was not primary residence?
We owned a home and made a move for my spouse’s work. Bought a home in the new city. Had old home on market and did not sell. We paid on it for 4 years and finally had it go into “short sale” 8/09. We have maintained /payed our mortgage on the new home. The 1099-C showed $90,000 as canceled debt.What does that do to our taxes, is it reported as true income??
What are my tax implications on a short sale property that was not primary residence?
We owned a home and made a move for my spouse’s work. Bought a home in the new city. Had old home on market and did not sell. We paid on it for 4 years and finally had it go into “short sale” 8/09. We have maintained /payed our mortgage on the new home. The 1099-C showed $90,000 as canceled debt.What does that do to our taxes, is it reported as true income??
Would a short sale make me lose my recreational property?
I am going through a divorce and my wife wants to sell our house on a short sale. Will I lose my cabin which is paid for because of this? I own the cabin with another person so that might make this tricky. I am also not a deadbead who is trying to get out of debt without paying for it but my wife is, and I just want to keep my cabin. any advice would be appreciated.
Short sold property? how to build credit back?
I recently short sold my home. I have amazing credit besides that. What is the best way to get my credit back the fastest? Should I take a loan out and pay it off in a few months? Will this help?
how to know if a short sale property is sold?
Hi,
I was interested in a property which was a short sale. I left 3 voice mail messages but the realtor has never called me who was the listing agent. I love the property and i am ready to pay some extra money!
a) Is there any way to go to public records and i find out if it is really sold?
b) if yes, how long does it take to be reflected in the public records?
Thank you everyone for your answers
Regards
U.C.
I can’t sell or refinance my rental property. Short sale, foreclosure or bankruptcy. Which is best to do?
The reason I can’t sell or refinance is that I owe more than what it’s valued at. I also have a condo as my principal residence. Can I lose my condo by doing any of the above mention processes? Which process will leave me with the least amount of liability?
Has anyone ever had 2 mortgages on property and sold short?
My rentors are moving out and I’m tired of trying to come up with the balance of the mortgage each month. I ended up with this property from divorce, then re-marriage and it’s doing me no good to have it. Highly unlikely I can sell it soon for a decent price, and highly unlikely I can rent it out for what I owe. If I try to sell short, who do I negotiate with, I have 2 loans, $120k and $30K. Of course they are with 2 different lenders now, they were originally with the same one when I first got the loan. Payments have been made to this point, but when the rentors move out, no way to pay this mortgage. Any advice would be appreciated.
I’m beginning the process of short selling my property in order to save my credit. ANY ADVICE FROM FOLKS?
WHO HAVE DONE THIS ALREADY! My mortgage company is Wamu.
