Question by Hong L: after I have sold my house under ” Short Sale”,?
do I still liability between sale price and loan amount ? such as I have owed more than house value; that means I have sold my house ” short sale” was 6,000 after the lender has approved but I have bought my house 0,000; the different was 4,000 that is amount do I still owe or ” Forgiveness” by IRS? Thank
Best answer:
Answer by BloodBath
The lender has to approve the short sale
You lender takes the hit, not you.
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Question by Rustom D: what is the real estate ” After sale Process” once u made a downpayment?
my question would rely after i made a downpayment of 30% regardless if it is thru bank loan or in house downpayment to the developer.. what i need to know now is how does the developer handle the step of ” AFTER SALES PROCESS” on thier part upon recieving the 30% DP?
Best answer:
Answer by DannoREA
If you are in the process of subdividing and developing land but you’re unsure about what happens next, you should speak to your attorney, not yahoo answers.
If you are developing land and you have neither an attorney nor a real estate agent, you are a fool who is soon to be parted from as much money as they can squeeze out of you.
This is why attornies and real estate agents make so much money. They’re worth it.
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Question by DBA: After doing a “short sale” of a house when does a bank typically send out a 1099? (if they do at all)?
I recently had to short sale a house I owned. The bank accepted the short sale as full and final satisfaction of the loan I owed them. I did not owe them as much as some people I have heard stories of. I am hoping I do not receive a 1099 form from them. If I do I am just wondering when I will receive it. The house closed 2 weeks ago (approx). thanks in advance!
Best answer:
Answer by Henry
You will get a 1099 January 2011.
Give your answer to this question below!
I am in the process of buying a house but I need to sell mine ASAP. I am worried that the lenders are not lending out money which would make my house very difficult to sell. My question is When the Bailout Bill is passed how long will it take before banks start lending money again and people with decent to good credit can get a mortgage? Days, weeks, months, years?
I know that my house is priced for a quick sale but if mortgages are frozen I will be stuck paying 2 mortgages.
