February 5th, 2010
Has anyone ever had 2 mortgages on property and sold short?
My rentors are moving out and I’m tired of trying to come up with the balance of the mortgage each month. I ended up with this property from divorce, then re-marriage and it’s doing me no good to have it. Highly unlikely I can sell it soon for a decent price, and highly unlikely I can rent it out for what I owe. If I try to sell short, who do I negotiate with, I have 2 loans, $120k and $30K. Of course they are with 2 different lenders now, they were originally with the same one when I first got the loan. Payments have been made to this point, but when the rentors move out, no way to pay this mortgage. Any advice would be appreciated.
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Filed under: Rent Property
Sorry to give you even more bad news. Thought you’d appreciate being warned.If you sell you’ll be SHOCKED at how much you will owe in taxes. We just went through this. Call a CPA before you do anything.
The shortage.
wow I really doubt it. Normally a short sale is for the first mortgage. If you do a short sale you pay less then what you owe in the mortgage. The second isnt going to sit around and agree to your first mortgage taking 80% of what you owe them and just walk away.
And the first mortgage isnt going to allow them getting a dime less of what they are owed if its going to the second mortgage.
Only way I can see this is possible is if the first and the second mortgage is the same company. Otherwise I dont see it happening. You might have a shot if you call the second mortgage and they know they are going to lose everything and let them deal with your first mortgage company and work it out together. But ive never seen that happen. Its worth a call.
Good luck
This happens every day in California, unfortunately. The previous poster is correct with regard to the taxes. If you owe $150,000 and you sell for $100,000 in a short sale the IRS will tax you on the $50,000 difference and call it “income.”
However, it might be the lesser of two evils. Find a Realtor who specializes in short sales who will negotiate with the lenders for you. The bank will pay their commission, not you. Just be aware that both banks have to agree to all the terms, and they don’t have to agree to do a short sale at all. The second lien holder usually gets screwed because the first lien holder gets the majority of the money and the second gets whatever’s left over (if anything.) So they usually fight it tooth and nail since they’re going to take a huge loss. But it’s certainly worth a try. It’s better than a foreclosure.
Best of luck!
Het grootste deel van mijn lijsten zijn korte verkoop, en het hebben van twee banken isn' t dat groot van een overeenkomst, enkel een klein beetje meer werk.
De bovengenoemde belastingen is 1099 dat aan het eind van het jaar wordt gegeven aan u, daar zijn vormen dat het de titelbedrijf of geldschieter kan voorzien u van en fundamenteel een ontberingsbrief zijn. Wanneer correct gedaan kunt u geen 1099 sinds u ontvangen didn' yt neem plotseling vrijwillig de hulp aan de transactie.
Als u één krijgt, spreek aan een goede belastingsprocureur, in de meeste gevallen kunnen zij worden geëlimineerdo.
Onze staat is een niet gerechtelijke staat, maar I' D raad u om mijn verhinderingspagina te lezen het zal helpen. Ik zou adviseren absoluut dat u een goede shortsaleagent krijgt. Als you' D als kan ik proberen om van op uw gebied de plaats te bepalen, hoewel u het kunt doen zelf, de bank zal betalen voor de agentendienst. De agenten verwijzen deze type van transacties naar me door omdat zij don' t de ingewikkeldheid, waarom wilt u zou willen dit zelf doen behandelen?
Goed geluk, als u meer vragen don' hebt; t aarzelt om me te contacteren.