Pretty much. And are you aware that the …
September 10th, 2010 - ByPosted in
Comment posted Short Sale Vs. Foreclosure? by Alterfem.
Pretty much. And are you aware that the lender can file a 1099 form with the IRS showing you received the difference in the sale price and mortgage balance of taxable debt-forgiveness income?
Alterfem also commented
- It will be much better than a short sale on your credit. There may be some remaining money problems because of how the shortage will be treated by the mortgage company, but the shortage would be much more dramatic and treated just as bad or worse in the case of a foreclosure.
- much better than forclosure
- No, a foreclosure will be listed as a foreclosure, which is one of the worst things you can have on your credit report. The short sale can be reported several ways – “closed on agreement” or “settled for less than original terms” or a host of other possibilities. While these are negative listings, they are no where near as bad as a foreclosure.
Recent comments by Alterfem
- What Does Pld: Notice Of Filing Commitment For Owners Policy Of Title Insurance Mean In A Foreclosure Docket?
Sounds like they have a buyer and are working on the title insurance and the committment it needs to be issued. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Your property manager is obviously not licensed because they do not know what they are talking about!!
Even if the house is in foreclosure, you still MUST legally pay the rent! You must pay until the day you move out or the day the owner no longer owns it.
You can check local court records to see if anything has been filed, but that is all you can access. The lender will not talk to you. - I Was Told That My Rental Is In Foreclosure And I Need To Find Out For Sure Where Do I Get The Information?
Legally you need to pay the rent. Your property manager needs to be in jail.
The bank that takes over your house will tell you when they have possession, at which time you stop paying rent and move out.
Being “in foreclosure” doesn’t mean much, and there is no action you need to take at this time.
You will have to ask the owners what is going on, the bank will not tell you the status, it is not any of your business. - How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?
Average 3 to 4 months, but some people are 6 months past due. - How Long After You Stop Paying Mortgage Do They Put Your House In Foreclosure?
Usually about 6 months
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4 Responses to “Pretty much. And are you aware that the …”
February 28th, 2010 at 8:53 pm
No, a foreclosure will be listed as a foreclosure, which is one of the worst things you can have on your credit report. The short sale can be reported several ways – “closed on agreement” or “settled for less than original terms” or a host of other possibilities. While these are negative listings, they are no where near as bad as a foreclosure.
February 28th, 2010 at 9:03 pm
much better than forclosure
March 1st, 2010 at 1:44 am
It will be much better than a short sale on your credit. There may be some remaining money problems because of how the shortage will be treated by the mortgage company, but the shortage would be much more dramatic and treated just as bad or worse in the case of a foreclosure.
March 1st, 2010 at 7:13 am
Pretty much. And are you aware that the lender can file a 1099 form with the IRS showing you received the difference in the sale price and mortgage balance of taxable debt-forgiveness income?