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Viewing 15 posts - 1 through 15 (of 260 total)
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  • #25115
    Avatar of red12
    red12
    Member

    @corkhorner wrote:

    you have paid your dues for cre….NOW is not the time to quit!

    You can get an 8k investor.

    c h

    You volunteering, Cork? I’m already out. Another dime of my money poured into that house would put me in Divorce Court for sure. Anyone want to take this one? Just treat me like another Seller. I long ago gave up making any $$ on this, I just want to get out w/o a $20k tax hit.

    RG

    #25113
    Avatar of red12
    red12
    Member

    @corkhorner wrote:

    3 ARCK as a Ruby memer gets you 20%…unless u signed away your rights on a loan mod.

    c h

    Would love to do something like that but I have NO money to do anything with. I am (with the exception of this house) out of the RE business completely.

    BTW, no loan mod has been done. It was called due long ago (it was a hard money loan).

    I’m just another motivated seller (who just happens to understand EHTs).

    #25111
    Avatar of red12
    red12
    Member

    Well, here I am a little over 2 months later and nothing’s changed. I have a buyer wanting to make a short (really short) sale offer, but I’m reluctant to even send it to the lender. I’m still not sure whether short sale or foreclosure is the better route for me.

    I’m a motivated seller, that’s for sure!

    #25110
    Avatar of red12
    red12
    Member

    A little more info if anyone is interested in pursuing this any further.

    Taxes are not current (2 years delinquent, not sure of total amount due).

    FMV is (my estimation) about $230k

    Mortgage has changed hands 4 or 5 times since inception so “producing the note” may be very difficult for the current lender. Original lender went under (Ameribank).

    House is in very good condition. It was full rehab that was completed in 2008. Only had one renter (about 4 months) since completion.

    Lender has sent NOD but has not yet started foreclosure proceedings.

    #25109
    Avatar of red12
    red12
    Member

    @piloto wrote:

    Red

    Have you any idea what the FMV is currently and are the taxes current?

    What kind of shape is the house in now?

    Gene,

    Got your call and finally got a chance to call you back a few days ago. I’d like to discuss this further with you if you are still willing to do so.

    Richard

    #25106
    Avatar of red12
    red12
    Member

    Well, the bank finally started making a move by sending me a NOD. Sure wish there were some other way to get rid of this house instead of foreclosure. :(

    #25103
    Avatar of red12
    red12
    Member

    @Scott_L._Moyes wrote:

    Try these on for size:

    1. No loan was given therefore no loan ever existed.

    2. If there was a loan, it was “Paid in Full” already.

    3. The Note is not “forgiven” or “written off”. IOW, this IS NOT Debt Forgivness.

    4. No 1099 is issued.

    Sorry, Scott. You lost me. Could you clarify? Please.

    #25101
    Avatar of red12
    red12
    Member

    @Scott_L._Moyes wrote:

    @JaneDiehm wrote:
    Is MS a non-recourse state? According to IRS Publicatio 4681, Page 11 Aamended 12/11/08, there is no tax-liability for debt forgiveness of non-recourse debt. This from Christopher Combs, areal-estate attorney writing for The Arizona Republic.

    Mortgage Cancellation/Settlement is not debt forgiveness, so I doesn’t matter if MS is a non-recourse state of not.

    So you’re saying there would be recourse on this loan, regardless? Specifically, tax liability for the differnce of a short sale?

    I just got hit with 1099s for a bunch of credit card write-offs from this year too. Should I not have?

    #25098
    Avatar of red12
    red12
    Member

    @JaneDiehm wrote:

    Is MS a non-recourse state? According to IRS Publicatio 4681, Page 11 Aamended 12/11/08, there is no tax-liability for debt forgiveness of non-recourse debt. This from Christopher Combs, areal-estate attorney writing for The Arizona Republic.

    Jane Diehm

    I don’t know the answer to that. Any idea where/how I could find out?

    #25094
    Avatar of red12
    red12
    Member

    After reading several threads and looking at the LFC site, I really don’t have the time or energy to learn an entirely new system (LFC). Could someone who is well-versed in it give me a call or shoot me an e-mail/PM?

    #25093
    Avatar of red12
    red12
    Member

    @JaneDiehm wrote:

    1. Want to go short sale? Thanks to Obama-san, tax liability isn’t applicable right now.

    2. Do what I’m doing and SERIOUSLY consider going with the Living Free and Clear program.

    Whatever you do, best of luck! It sounds like you need it.

    Jane Diehm (who just joined Scott’s OCS program because she needs lots of direction, motivation, and just plain beating-up. You do what you gotta do!)

    I wasn’t aware that tax-liability for investment property short sales wasn’t applicable.

    I’ll look at the LFC program. Haven’t been on this site in forever, so I’m out of the loop.

    #25089
    Avatar of red12
    red12
    Member

    Well, here it is almost a year since my last post and I still have this property. The mortgage has been sold repeatedly and I haven’t made a payment on it in well over a year.

    I am looking at any and all options at this point. It is not currently in foreclosure but that could happen at any point.

    #28669
    Avatar of red12
    red12
    Member

    Don’t know about selling, but I did get a signed NEO out of a house I saw on eBay.

    #25088
    Avatar of red12
    red12
    Member

    @homesavers wrote:

    @Red12 wrote:
    using all of the repair funds and about $25k of my money too

    25K of your own money! How did you get into that mess? Anyway what is done is done. Is this property going to cash flow at all if you shop it wholesale. Just flip it wholesale. EHT is not going to work since you have a balloon that is going to POP!.
    Sell to an investor or to an FHA buyer. Get rid of it in a hurry! Put it on the MLS in your area, NOW!

    No cash flow. If I sold for what’s owed, I’d consider that wholesale priced ($130k below appraisal).

    I know EHT won’t help, just looking for some advice on what to do/avoid regarding the short sale.

    It’s been on MLS for over a year…

    #25086
    Avatar of red12
    red12
    Member

    @salaguilar wrote:

    What is your current payment on the loan. Who Owns The Note ? Have you had it appraised or done A BPO?

    All I had was temporary (constuction) financing. That loan has matured and been called due. LNV Corporation now owns the note. I called them today and am waiting for a call back from the agent who has my loan.

    Last appraisal was over a year ago at $360k. Current listing price is $279k. I know that a BPO appraisal was done several months ago for the original lender. I don’t know what the BPO price was.

Viewing 15 posts - 1 through 15 (of 260 total)