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I need to sell both my homes to avoid being foreclosed

April 10, 2008

I am considering short selling my two properties. each property is financed by a different bank. bank of america and chase manhattan bank. i live in one and rent the other out. each has a mortgage of $639K. they are now each worth $485K. i am losing money with each monthly payment. my concern is if i will qualify for short sale on either property and maybe a tax backlash (relief of debt seen as income by IRS). one option i'd look into is someone negotiating the price down closer to $485K on the home i live in, but short selling the rental. any and all advice would be appreciated.

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Comments

You defiantly qualify for a short sale. Time is a critical factor.

Posted By John Craig on April 30, 2008 at 06:42 AM

A short sale would be an option for you on your primary residence. Primary residence means you have lived in your home two out of the last five years. President Bush passed into law the mortgage debt relief act in December of 2007. That states you will not be 1099 on your primary residence. Your other home would be considered an investment and you would be issued a 1099. Which means you pay taxes on the deficiency balance.

Posted By Alisa Knittel on May 25, 2008 at 12:40 PM

I'm trying to find a property in Vallejo California that was financed by CHASE HOME. Is there a foreclosure website I can visit or how can I approach this?

Posted By Herbert Lester on June 26, 2008 at 08:29 PM

A Short Sale would be a good option for "BOTH" properties, not just the Primary res.

Posted By Ruth Hersh on October 10, 2008 at 12:11 PM

Please call me there may be more options than you realize. You may be able to keep your primary residence and pay on a mortgage of 90% of your current market value. As far as the investment property you would need to do a short sale however you have options on that as well. I would like to go over everything with you my number is 239-896-4401.

Have a good night,
Alisa Knittel

Posted By Alisa Knittel on October 11, 2008 at 06:29 PM

Alisa needs to sharpen her pencil, that FHA program is only for people that own one property and only 10% of the people who applied qualified.

Posted By Tony Touch on November 26, 2008 at 02:30 PM

How to avoid Foreclosure

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I need to sell both my homes to avoid being foreclosed

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