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05-01-2009, 10:56 AM
| | Junior Member | | Join Date: May 2009
Posts: 1
| | | short sale
What is the name of your state (only U.S. law)? WA
We have to sell our house due to a job loss. It will be a "short sale" because we owe @ $80,000 more than the house will sell for. The mortgage company is asking for taxes and banking information. Can they freeze our assets? We need the money we have to move and live on until we can find a job.What is the name of your state (only U.S. law)? |
05-01-2009, 12:17 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by barbara1  What is the name of your state (only U.S. law)? WA
We have to sell our house due to a job loss. It will be a "short sale" because we owe @ $80,000 more than the house will sell for. The mortgage company is asking for taxes and banking information. Can they freeze our assets? We need the money we have to move and live on until we can find a job.What is the name of your state (only U.S. law)? | **A: so what is the problem here? Provide them the requested info. |
05-04-2009, 12:26 PM
| | Senior Member | | Join Date: Oct 2004 Location: Phoenix, AZ.
Posts: 3,081
| | Quote:
Originally Posted by barbara1 What is the name of your state (only U.S. law)? WA
We have to sell our house due to a job loss. It will be a "short sale" because we owe @ $80,000 more than the house will sell for. The mortgage company is asking for taxes and banking information. Can they freeze our assets? We need the money we have to move and live on until we can find a job.What is the name of your state (only U.S. law)? | You need to talk with a qualified real estate agent regarding "short sales". They are MUCH more complicated and require more paperwork than your ordinary real estate sale.
Do you know of all the legal and tax rammifications of a short sale? For example the requirement to include the $80K as taxable income if you do not purchase a new home within 3 years?
Again, talk with a qualified real estate agent.
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05-04-2009, 01:19 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | | The bank can't freeze your assets when approving a short sale. |
05-05-2009, 09:04 AM
| | Senior Member | | Join Date: Jan 2003
Posts: 19,148
| | | However, if you have assets and/or income enough to contibute toward your own shortage, expect the lender to make that part of the agreement to allow the short sale. Don't expect them to be the only ones eating part of the shortage, you may be expected to bring some money to the table an/or sign a note for some of the difference. They could very well include such a requirement in their short sale terms letter.
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Last edited by nextwife; 05-05-2009 at 01:53 PM.
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05-05-2009, 01:21 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by nextwife However, if you have assets and/or income enough to contibute toward tour own shortage, expect the lender to make that part of the agreement to allow the short sale. Don't expect them to be the only ones eating part of the shortage, you may be expected to bring some money to the table an/or sign a note for some of the difference. They could very well include such a requirement in their short sale terms letter. | **A: correct and good point. | |
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