Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Mortgages, Refinancing & Foreclosure
Reload this Page Short Sale vs. Foreclosure

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 01-03-2008, 12:00 PM
Junior Member
  
Join Date: Jan 2008
Posts: 3

Short Sale vs. Foreclosure

What is the name of your state? OH

In final stages of a foreclosure on a duplex I own in which I lived until Mar 06. Next step is sheriff's sale. Part I lived in is now rented out. Other part of duplex was rented out when I lived there. Current renter has made a short sale offer of $80,000. Loan is for approx $100,000. 1. short sale or foreclosure? which would be the better option and why? (I don't care about my credit rating. Am retired and don't plan to ever buy anything major again.) 2. Would IRS tax be forgiven under the new Mortgage Forgiveness Debt Relief Act since it is rented out? 3. In providing info on why I can't pay loan as part of short sale process, do I have to disclose IRA holdings? 4. I owe last half 2006 real estate taxes. Would I have to pay out of my pocket? 5. Anything else I should consider that would cost me money?
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 01:32 AM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.