Archived
If a main residence is short sold/foreclosed during 2014-2015, Does the owner has to pay the deficiency to the IRS?
Jacqueline's answer
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Answered on August 07, 2014
You will get a 1099-c they requires you to Reports the deficiency waiver or balance of the mortgage waved to the IRS. The mortgage debt relief act...
Archived
During a short sale, the owner stops paying the mortgage. Are those missing payments reported to the credit bureau?
Jacqueline's answer
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Answered on August 07, 2014
Of course. The mortgage is in default. But with the right attorney handling the short sale it gets processed quick and th credit damage is minimal....
Archived
“The foreclosure judgment states my home will be sold on August 21. (120 days) from agreement) When will I have to leave?
Jacqueline's answer
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Answered on August 07, 2014
So sorry for your loss. The Judges are very lenient about postponing sales specially with your circumstances. Hire an attorney to request an...
Archived
If you own a home prior to marriage. Is your spouse entitled to half the property?
Jacqueline's answer
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Answered on August 07, 2014
If it was the marital home and there is no prenup the judge may include it as marital property half his half hers
Archived
Knowing that a Condo Association just filed the summons to foreclose a property, Will it make sense to keep paying the mortgage?
Jacqueline's answer
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Answered on August 07, 2014
If your property is upside down and you want to keep it, you may consider a loan modification. Banks are very cooperative tnese days and with a...
Archived
If a condo association files the summons toward a foreclosure of a property, the bank who owns the mortgage must be informed.
Jacqueline's answer
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Answered on August 06, 2014
Not necessarily. The association can take title subject to the mortgage, rent it out until the bank forecloses
Archived
Can a property be sold through a short-sell even if it has a lien from the condo association?
Jacqueline's answer
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Answered on August 06, 2014
In a short Sale all liens are negotiated and paid off as a condition to close and give clear title to buyer. The short sale lender typically pays...
Archived
Does it make sense for a condominium association to try the enforce a lien when the property is below water?
Jacqueline's answer
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Answered on August 06, 2014
Yes of course they do! They either get paid in full or if no higher bidder they become title holder. They can rent out the property until the bank...
What does successful bidder as "plaintiff" mean in an online auction? Does this mean mortgage company has bid on the house?
Jacqueline's answer
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Answered on August 06, 2014
It means that nobody bid high enough at the auction to meet the banks required minimum bid or judgment and therefore the property reverts to the...
Archived
Foreclosure filed in 2012 by a trust but the trust didnt exist until 2013. Is this a legal Foreclosure?
Jacqueline's answer
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Answered on August 05, 2014
Speak to an attorney right away familiar with this area of law to assist you. You may have certain rights and defenses that may be waived if lot...
