Location is Henderson, Nevada

I put an offer on a house that fell out of escrow 5 months ago. The previous sale price was 300k and the buyer’s lender said it was NOT worth that amount, their appraisal was 280k and things fell through.

We had two agents do neighborhood/market comps and they came up with an appraisal of 270k to 285k. I offered the bank 275k, no demands, 20% down (I am already approved as well with excellent credit), etc. The market has NOT appreciated since the last sale, it is the same or possibly worse, so the house is still not worth 300k.

The seller’s accepted our offer and sent it to their bank for approval. Their bank came back to us and said they REFUSE to take less than 300k. On top of it, the house is scheduled to foreclose in a week and go to auction that same day.

Why would the bank reject our offer when it is fair market? They have no other offers and it will go to foreclosure where they will lose more money and not get the 275k I am offering. They know even if we gave them the 300k they want it is a) not appraised at that much and b) we will not get financing because it is worth ~20k less than that.

We are clueless. Any ideas?

I’ve been denied for a loan modification 3 times now by the investor, my mortgage servicer said the reason is “deficit income.” The deficit income is after I included my mortgage amount (if I had pay it) and others bills versus our income. I’ve missed about 9 payments, then I paid $900/month for 4 months due to a forbearance payment plan when I went on disability leave, after the 4 months, I submit a new mod. package, and it was just recently denied (3rd time). I’ve asked the rep that I have to have a positive income to qualifies for assistant? She said my investor does not participate in loan modification and therefore does not decrease interest rate or extend the term of the loan. I then said so it won’t help me at all to lower my payment, the rep said if I have a negative, they can’t really help. It doesn’t make sense to me. Please advise on how much positive to qualify for them to consider helping me. What if they said I have a positive income and won’t decrease the payments that much? I have no hope on this investor since every time they said my investor doesn’t do loan mod. Should I just gave up and request for a short sale before they set an auction date (which is anytime now)? Thank you for your advise.

I have been in a short sale for over a year, my money has been in ESCROW for 13 months. Do I have any rights to some of the ESCROW interest? My contract says my realtor’s comany has the right to collect interest, but does not mention me, is this legal? I am in Florida.

current score is about 800, must sell home on short sale, not worth remainder on mortgage, bank will lose about 20k on short sale versus 35-40k if foreclosed. how much will short sale affect my score. never late on ANY payments for anything ever. will only do this if bank agrees not to pursue me for shortage in writing.
I have been told that short sale showing paid/settled on my report is the lesser of the evils by many different people.
can guaranty tax on 20k is a lot less than 20k. especially after deductions. nopt worried about tax worried about credit damage. what if i buy another house before short sale or foreclosure, can they come after that?

We are trying to secure our financing, and the home that we fell in love with is listed as “contingent short sale” does that mean that an offer has been placed/accepted or what?

Someone said that if I do a short sale on my home I have to use it as income on my taxes but every dime of the money would be going to the bank so why would I have to claim it as income I wouldn’t be making anything off of the sale.
I would not be making any profit from the sale on my home it would all have to go to the bank so why would I have to claim it as income?

I understand that our credit would take a hit but our home would not sell for what we owe in todays market and we have only lived in this home for 4 yrs so we have no equity in it!!!

I have a condo that will eventually be foreclosed on, I have been trying to short sale it with no success. I have not been paying the mortgage for over 6 months. I went to a bankrucpty lawyer today to discuss filing bankrupty because I won’t be able to pay the tax liability if I get a 1099 or the deficiency judgement, if I get one. he said I should file before I get a possible deficiency judgement and that would cover a potential 1099 situation, and if I end up with a deficieny judgement, I just reopen the bankruptcy filing to cover that judgement. This does not sound right to me, don’t you want to file after the 1099 or judgement, after they say you have to pay the debt? If I file now, before it is even a debt (not even foreclosed on yet), how can that be included in a bankruptcy filing?

My husband died recently, the mortgage for our house was under his name. my name is in the deed, Since he was the breadwinner I can’t pay the mortgage. my question is am I responsible for the mortgage?(since the loan was under my husbands’ - even if I pay the mortgage now since I didn’t establish credit history it would be hard to transfer the mortgage to my name) and if yes what do you think of short sale or if you have any advise I would really appreciate it. Thanks