When doing the short sale with the lender the shortage does not just go away. Depending on the lender they will determine if you will get a 1099-C or that you get a deficiency judgment against you. A 1099-C is an income form for the shortage that you will have to claim as income since [...]
Short Sale Part 3- Preparing documents for the short sale
There are documents that need to be gathered to get the process in full gear. Keep in mind you are asking for a loss from the lender on a purchase you did in the past, a mortgage that you agreed upon prior so the lender needs all the verification again as too why you feel [...]
Short Sales Part 2- Working towards the process:
You will need verification of your economic condition prior to getting the process started. You will need to write a hardship letter that states why you feel that you need to do a short sale. Also if you are having an outside party assist in the process you will need to put it in writing. [...]
Is A Short Sale For You?
With today’s tight economic conditions mortgage payments are stressing many families to the brink of either foreclosure or bankruptcy. There are other options available to you as a consumer out there. Loan modification is actually a good option if you are planning on staying in your home. This is where the Mortgage Company will work [...]
