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anyone have experience SELLING a short sale?

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meganNbobby
Our Family is Complete

Member since 5/05

2774 total posts

Name:
Megan

anyone have experience SELLING a short sale?

if so i have a few questions?

Posted 12/4/08 1:59 PM
 
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jklein1323
LIF Adolescent

Member since 11/06

847 total posts

Name:
J

Re: anyone have experience SELLING a short sale?

friends of mine sold in a short sale..FM if u want.

Posted 12/4/08 8:25 PM
 

siffleuse319
LIF Infant

Member since 8/08

189 total posts

Name:

Re: anyone have experience SELLING a short sale?

How was their credit affected? And did any of their mortgage holders file a judgment against them? If taxes and insurance increase again, my 30 year fixed house payment will become increasingly difficult.

Posted 12/4/08 10:04 PM
 

EmmaNick
*

Member since 12/06

16001 total posts

Name:
*

Re: anyone have experience SELLING a short sale?

I believe they cannot file a judgement against the mortgage holder, as they are agreeing to waive the remainder of the mortgage in the short sale. A law recently went into effect that the mortgage company can no longer 1099-C you (which requires you to pay taxes on the forgiven debt). Short sales require a lot of paperwork and patience! Good luck Chat Icon

Posted 12/4/08 10:19 PM
 
 

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