You may still owe money after a foreclosure or short sale

Tax Implications & Consequences of a Short Sale or Foreclosure – For example, if last year you put took out a $180,000 mortgage on a $200,000 home and then the value rose to $250,000, you may have refinanced to get some extra cash to pay off credit cards. The difference between the original mortgage and the new value, in this case $70,000, is considered taxable income after a foreclosure or a short sale.

Failed investment property is more than foreclosure – If more than 30 days have expired after the sale of the home, the application would be thrown out by the court. The trouble is, banks may hold on to the home for months or years after a foreclosure.

Cleveland-area short sales rising as struggling homeowners seek alternative to foreclosure – "The short sale properties are in much better condition," said Sajag Patel, who handles short sales for Keller Williams Realty in Strongsville. "They haven’t been sitting vacant. The utilities are.

How Does a Short Sale Work? | US News – A short sale is when you sell your home for less than what you owe on your mortgage. Short sales can offer relief to homeowners but are a.

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If I do a short sale do I still owe money after the short. – By short sale, if you mean, you have not sold it for as much as you owe on your mortgage, then yes, you still owe the bank the money to pay off your original loan. If we could all just short sell and get free of our loans, there would be no more foreclosures!

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Short sales are complicated, but can help homeowners who owe more than property is worth – Servicers (where you send your payments) may have hundreds of investors. “People don’t realize that while you can be dealing with Bank of America or Wells Fargo to negotiate the short sale. It’s.

What Should You Do if You Can’t Afford Your Monthly Debt Payments? – These may be short. you put yourself at risk of losing your house to foreclosure or your car to repossession. Either foreclosure or repossession will do serious long-term damage to every aspect of.

Why Now Is The Best Time To Refinance Your Adjustable-Rate Mortgage and Cash Your Equity? 13 Things to Consider When Refinancing Your Mortgage | Mid Penn. – When you refinance a home loan, your current mortgage is paid off, enough equity built up to refinance, or you might have to bring cash to. A mortgage with an adjustable rate might offer a low rate for the first few years of the loan. mortgage check out the options available from mid penn bank today or.

Short Sale FAQs: Understanding the Short Sale Process. – A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.

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