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.
In a short sale, is it illegal for the seller to sell the property to his brother?
Is it illegal if the bank ok’s a short sale for me to have my brother buy the property and then sell it back
to me for the lower price?
We’re short-selling our house, and a 3rd party lien exists against our property. What can we do?
Will the bank (Wells Fargo) work with the 3rd party to remove the lien? I can’t afford to pay the amount I owe the 3rd party.
can i buy my fathers property through a short sell if he forecloses with out any other investors trying to buy?
the house is actually my house but when we got the loan the loan officer who worked for country wide
suggested to put my father as the primary resident.im in a adjustable rate i want a fixed rate but the bank wont help because its not my house.They wont modify because my father makes ok money & they wont re fi because its upside down.Iv ed never been late with payments. I have good credit scores but damm bank wont help thanks citi mortgage
How can I sell a property very fast?
Say for example I have a condo which I need to sell immediately. The condo is priced below market value but not moving on the market. Are there any options in a situation like that if one needs to sell fast. Auctions or short sell do these exisit? Any ideas?
oweing 95% of the market value. 300K prob. not behind in mortgage payments but in need of a fast sell solution. Its a new condo.
What happens if I sell a property and the seller never transfers the title to his name?
I did a short sell on a property I owned and the buyer agreed to pay the liens on the property as part of the sales contract. Now the lien holders are suing me for the money owed and the seller never cleared the liens and he never transferred the deed to his name. He only paid the mortgage company to release the mortgage. The contract says it was to close in 2 weeks but now it has been 5 months.
The bank actually did the short sell. They didn’t use a lawyer or a closing company. They only paid a real estate company to find a buyer. The bank released its lien but a couple of utility companies put liens on the building and those liens were also suppose to be paid off by the buyer. that is why the deed hasn’t been tranferred because those liens have not been paid and the utility companies are trying to garnish me for this reason.
What is a “Short Sale”? why call it a “short sale” when it takes to loong to sell a property?
Why call it a “short sale” when it takes forever to process a sale of the property? who benefits from it?
What happens when you have to short sell a multifamily property?
We’re considering selling the 6-family apartment building we own in New Haven, CT, but wanted to know first about the tax implications. The property is cash flowing negatively, and I don’t have the time to manage the property myself or we would of course wait for a better time to sell.
While I wait to hear back from our listing agent about the estimated value, I’m anticipating it being worth significantly less than we paid for it ($530,000 in Dec. 2005). We currently owe $382,000 on the mortgage. I honestly have no idea what price the market will bear at this moment, but to ease my mind I wanted to run through a couple of scenarios. What would happen if:
A) The property is worth less than the mortgage, and the bank agrees to a short sale? Can we use losses from previous years to offset the amount of the mortgage forgiven?
B) The property is worth less than the mortgage, and the bank doesn’t agree to a short sale? Can the bank seize our other assets, which include bank accounts, retirement accounts and the property in another state (held in an LLC).
I can’t believe I’m asking this (so dreadful)!
Thank you, and God bless.
