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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "deficiency"

The Four Options the Bank has When There is a Foreclosure Deficiency

One of the most common questions that a homeowner looking for help with their pending foreclosure asks is – what will the bank do to me if there is a defiency owed? Before I answer that question let me first discuss what I mean by deficiency. When your property is distressed and is facing foreclosure there is often a deficiency owed your lender/bank after a short sale, foreclosure auction, deed-in-lieu-of-foreclosure, etc. In other words the bank only receives back an amount less (i.e. deficient) than what they lent you. That difference of what they were paid back and what you borrowed from them is the “deficiency”. The bank has a number of options to deal with the deficiency you owe them. I want to point out here that the method you use … Read entire article »

Filed under: Foreclosure Help, Foreclosure Law, Insolvency

Deficiency Judgment

Our Website: Facebook: Deficiency Judgment – Video Provided By: The Kristin Stampini Team … Read entire article »

Filed under: Foreclosure Help

Should I sign a foreclosure deficiency agreement in Florida?

I’m trying to do a short sale on my primary home in Florida. The value has fallen by over 50% and I’m 12 months behind on payments. The 1st lender is ok with the short sale, but the second lender won’t receive anything and is requesting that I sign an agreement for a deficiency notice. They also gave me the option of signing something assuming the tax liability for their loss. Should I sign either of these, or is it better to let the property foreclose? If I do sign one, what is the consequence and possible recourse? Thanks, for your help! … Read entire article »

Filed under: Foreclosure Help

Texas Foreclosure Law? Deficiency Judgments ONLY for difference between sale price and FMV?

Thank you. My young family has on their hands a MONEY PIT that is breaking all of our hearts and we just do not want to continue. We’re on the verge of divorce over this collapsing house. We never should’ve trusted the realtors assessment. =( Even if they reworked the mortgage we’d want out. First the foundation needed repair, then the roof, then the A/C then the foundation AGAIN (I’m guessing) because we have a swampy front yard from a broken pipe in this drought. It’s literally killing me. My life seems pointless, and everyone in this family is suffering. We’re on the verge of divorrce. Anyhow. How much Mmore can we expect to get scr*wed if we walk away. (and I know we messed up as well, so, we’re not toally helpless … Read entire article »

Filed under: Foreclosure Law

How can we find out if a foreclosure of our FL home will have a deficiency judgment?

We rent out the house and live in another state. We are concerned about what the mortgage company would be able to take from us other than the house if a foreclosure happens? For example: bank accounts, paychecks, future annuity payments, or any thing else owned? We are not financially able to continue making payments long term but are current with payments at this time. We have also tried selling but with no luck. We are a married couple but only one of us on the deed, if this makes any difference. … Read entire article »

Filed under: Foreclosure Help

Is anti deficiency law after property foreclosure recognize in the state of Texas?

Filed under: Foreclosure Law

Rental property lost to foreclosure – is deficiency on 1099-C eligible for insolvency exemption?

Scenario: a piece of rental property owned by someone who reported the income/expenses on Schedule E is lost in foreclosure. The property was originally purchased at $175,000. Bank foreclosed on a loan balance of approximately $165,000. Bank bought the property at auction at $110,000, and a month later resold it at $115,000. The foreclosing bank has not yet sent a 1099-C and I am not sure if it will. If it does, does the 1099-C get reported as income, if so what kind (Schedule E? or forgiven debt?). Is the difference between purchase price and eventual foreclosure value eligible for insolvency exemption consideration? Or, could it be considered a capital business loss since it was effectively “sold” to the bank for much less … Read entire article »

Filed under: Insolvency

Is there a new foreclosure law stating a deficiency by a short sale on a primary residence is forgiven?

I keep hearing about a new law, that might be part of a presidential order, forgiving the short sale deficiency of a primary residence. Can someone provide confirmation of this new law? If so what are the guildlines, how does it work and what defines a primary residence according to this new law? Everyone who has shared this with me has been in the state of Arizona, is this new law only applicable there? … Read entire article »

Filed under: Foreclosure Law

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