I’ve been with my bf for 3-1/2 years. We live separately at this point, but are planning to move together later this year b/c his job is moving him out of the city and I’m moving with him. We will be renting at first. Supposedly, he is saving $ to buy a house down the line. He used to own a lot, but sold it as a short sale last year because of the economy, etc. He has a second vacation home about two hours away on the beach that he rents out to tenants. His father took out a second mortgage to that home to buy a lot at a nice area and build a bigger house between his father, his brother, and himself. Mind you, the house that is being rented was already completely paid for. He now tells me that they are going to go ahead and start building the home on the lot. I’m upset b/c now I know it is going to prolong us buying our own home (even though he said that isn’t going to stop his saving for our home). To me, it’s not the norm to even have a second home (they aren’t rich), but it’s even more abnormal to spend $ and time building a vacation home when you don’t even have a first home (he still lives at home, mind you!). He says it has always been his dream to have a home in that area. Well, they already had a home and decided to take out a second mortgage to build a bigger one (sounds greedy to me). He even told me that if for some reason he wouldn’t be able to build that home and lost the lot, he would be relieved. So, who is he spending this money and building this house for?!

Hello I was in forclosure and my house ended up selling in a short sale, now I have a 1099-C for 84,000 and a 1098 for 11,000. Does this mean they are telling me my these prices will be added to my regualar working income of 40k that I made working so I will have a taxible income of over 100k for this year?

What are the considerations to take into account while hiring a Realtor for short selling,how do I find one that the bank would like working with,I have called Bank of America but the people at the Call Center could not refer anyone.
I am trying to short sell my home,I called Bank of America and asked if they had a preferred Realtor for short sales in my area,but got no reply.I have a few Realtors short listed,one is aggressive,one is decent and is an investor turned Realtor,the other lives in my community and has already short sold a home here.

Preferably one who specializes, or has a good record with short sales.

Of course my home is worth less than what i paid, about $70,000. I can afford the payments, but i need to move for work. I live in Nevada, i have two loans 80/20 style mortgage. Should I walk away, forclose, short sale, try to pay off the small loan and try to rent the house? Get a lawyer, what lawyer deals with this?

I am trying to do my 09 taxes, and finished up with a Deed in Lieu of Forclosure in December 09. I got a 1099-A in the mail filled out as follows:

1: 12/18/09
2: 185,777
3: Blank
4: Blank
5: Yes

I have also been told multiple times they are not seeking a deficiancy judgement, and that they only give out a 1099-C for short sales.
Please help me figure how to do this!
Thanks

We sold our house last spring by short sale. I have received a mortgage interest statement but didnt know if there were any other forms I should be waiting on. Thanks

My disabled son just received a 3-day pay or quit notice for overdue rent. The lease says that my son will pay $325 a month to rent a room but my son says that he, the landlord and the other 3 roommates had a verbal agreement that my son would only pay $300 due to the fact that is all that he gets a month from DSHS. The landlord say that my son must now pay $175 in back rent that he doesn’t agree he owes. Is there anything he can do besides having me pay? Also, my son says that the landlord has stopped paying the mortgage and is apparently going to do a foreclosure or short-sale but is still having the renters pay rent. He lives in Auburn WA.

My son rented the room in September and has been paying only 300 a month not the 325 that is shown on the lease. At this point just to keep him calm I’m going to pay the extra but put “past disputed rent” in the memo line and take care of it later when he is feeling better.

More details:
I met with my son today and read the 3-day or quit notice. It appears legal but what my son didn’t notice was that there was a second page there giving him his 30-day notice! He has to move out by midnight on March 1st!!! There is also a keybox on the doorknob and the relators came in and took pictures already. What a mess! My son wants to stay to the end of the month but doesnt’ want to pay this months rent + the extra the guy says he owes and he only gets $300 a month from DSHS!!

Last year I attempted to purchase a house that was up for short sale. The owner accepted my offer but the bank denied the short sale. Now the owner has stopped making payments and we are trying the short sale again. I am willing to pay the appraised value for the home. What determines whether or not the bank will give the thumbs up or down on the short sale? Is there anything I can do as the buyer to help the process go through?

we live in central california,our house which is deep down under water,we have 220k on first mortgage and18k on line of credit with another credit union,the house is valued@ 90k, We are buying another property twice the size and 1/2 the payment of current, we would like to know, will these banks gonna come after 2nd property when we foreclose or short sale,whats the best option,because we cant afford to see our savings dry out,if we had to choose between savings and credit,we have come to a conclusion to go with savings for future and let the credit go down the drain, so pls give us some advise, God bless america”