Mortgage Rates: Mortgage Rates Remain at Historic Lows; Mixed Results for …
Mortgage rates continue to remain at historic lows today, approved sickness although updates show that there were mixed results for FHA mortgage rates. According to FreeRateUpdate.com's most recent survey of wholesale and direct lenders, symptoms FHA 30 year fixed mortgage rates …
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Mortgage Rates: Low Mortgage Rates at Risk of Rising After Release of FOMC …
Current FHA 30 year fixed mortgage interest rates are as low as 3.250%, FHA 15 year fixed mortgage rates are as low as 2.375% and FHA 5/1 ARM loan rates are as low as 2.500%. FHA loans offer a low down payment requirement so that consumers who …
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Question by Mr. T: when u short sale your home, what is ed what happens to the remaining balance owed?
Say I owe $ 200, shop 000 left on my mortgage balance, and I then short sell it for $ 130,000. What happens do the remaining $ 70,000? Does the bank just eat it or is there a tax liability? If that would be a tax liability, then what is the point of even having that loan modification program that was put out there by Obama?
Best answer:
Answer by Chip
most likely they won’t give it for free. depending on how big of an impact a 70K write-off would reflect on the financials – they may forgive you for that but rarely is the case.
What do you think? Answer below!
It depends on your loan and lender. Some lenders will let the balance go, others will require that you agree to an unsecured note for the balance. As for tax purposes, you are, in effect, profiting from the short sale so if you do not enter into an agreement to repay the difference you have been, in effect, handed $ 70K. As with credit card write offs, the lender can send you a 1099 for the charged off amount and you will have to pay taxes on it.
As for Obama, he is worse than useless. His programs are implemented so he can talk about them are are for the most part poorly planned out and executed.
In general, the bank will “eat it” as a loss.
Banks get bonus for a loan mod from the Obama admin because some people prefer to keep paying a mortgage instead of short-sale and rent somewhere else.