Sentences with phrase «balances after a short sale»

It's important to know not just the federal rules but what's going on in your state, Thompson says, because a variety of state statutes have been enacted to address foreclosure processing improprieties, taxation of mortgage debt forgiveness, and liability for deficiency balances after a short sale or foreclosure.

Not exact matches

If your lender forgives the balance of your mortgage after the short sale, you may not be out of the woods yet.

While a foreclosure looks slightly worse, with the time and effort you have to put in to keep you home in sale ready condition, the potential pitfalls of owing the balance of the mortgage anyway after the short sale, as well as the potential tax consequences, it might be worth it to simply let the home go into foreclosure and walk away.

Aside from the negotiation of the dollar amounts the short sale attorney should also be looking to eliminate the possibility the lender can come back after you in the future for any remaining mortgage balance.

If the property up for short sale was purchased with a VA loan, the lender will receive the entirety of the remaining balance after the sale as a result of the loan being federally insured.

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After completing a short sale, we may report it to the credit bureaus as «account paid for less than full balance».

After the foreclosure crisis started, some lenders opted not to report those balances as an incentive for homeowners to arrange short sales rather than let their homes go into foreclosure.