Sentences with phrase «if this short sale proceeds»

Not exact matches

If you are one of the millions of people considering foreclosure or a short sale, you need to read this post first and understand all the consequences before proceeding.

But it's important to note that short sales are not always a viable option: If the seller is unable to find an interested buyer on terms the lender approves of, the lender can choose to proceed with foreclosure.

Loan servicers can receive $ 1,500 for administrative expenses, and lenders can get as much as $ 2,000 for allowing up to $ 6,000 of short sale proceeds to be distributed to subordinate lien holders (if they exist).

NO waiting period after a foreclosure for an FHA Loan if you had NO late payments on ANY mortgage or consumer debt in the 12 - months proceeding the short - sale AND it was NOT a strategic short sale.

When the borrower (or borrowers) dies or leaves the home, heirs can repay the loan from their own funds or sell the house, in which case the sales proceeds satisfy the loan, even if they fall short of the outstanding balance.

And just when your eyes were already crossing, if you had a previous short sale, additional documentation will apply to prove that the proceeds from the short sale served as payment in full

On December 16th of 2009, HUD gave that clarity with Mortgagee Letter 09 - 52 which allows a people to buy a home after a short sale if «they were current on their mortgage and other installment debts at the time of the short sale of their previously owned property, and the proceeds from the short sale serve as payment in full.»

Short Sale * You may be able to sell your property at its fair market value even if the sale's proceeds are less than what is owed on your loanSale * You may be able to sell your property at its fair market value even if the sale's proceeds are less than what is owed on your loansale's proceeds are less than what is owed on your loan **.

At the close of escrow, if the short sale is approved, the proceeds are wired to us.

If that is the case, consider seeing if the bank will accept a short sale, in which the bank takes the proceeds of the sale — even though they are less than what you owe — and considers it payment in full for your mortgage debIf that is the case, consider seeing if the bank will accept a short sale, in which the bank takes the proceeds of the sale — even though they are less than what you owe — and considers it payment in full for your mortgage debif the bank will accept a short sale, in which the bank takes the proceeds of the sale — even though they are less than what you owe — and considers it payment in full for your mortgage debt.

If the note is sold the income would be proceeds from the sale of an investment and would be taxed at capital gain rates - either short or long term.

If that law expires as scheduled, homeowners who agree to a short sale could see their income tax jump significantly because the portion of the unpaid loan balance not covered by the short sale proceeds will be considered taxable income in many cases.

Fortunately for California homeowners, our state has enacted anti-deficiency legislation that prevents lenders from holding a homeowner personally liable and going after his or her personal or other assets if the proceeds from a foreclosure or short sale are not enough to cover the amount of the home loan.

The short sale ended up getting the homeowners association back $ 9,000 in unpaid dues, which it otherwise would not have received if the foreclosure had proceeded.