Comments on: I try to do short sale on my house?

By: godged

godged — Wed, 17 Mar 2010 20:01:59 +0000

Short sales occur all the time, but the lender is going to have to approve everything.

It is your game to lose, the lender loaned you the money, you agreed to repay it, you are in default, you can either play by their rules or lose the house.
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Oregon Realtor

By: B B

B B — Wed, 17 Mar 2010 19:15:59 +0000

short sales can technically work, but i haven’t ever heard of one actually going through

i’m pretty sure the law changes so that you don’t have to pay income tax on the difference between what you owe and the sale price
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By: Real Estate Guy

Real Estate Guy — Wed, 17 Mar 2010 18:54:59 +0000

game? You’re the one creating a game.

give it back, foreclosure or short sale, you will have the following issues to deal with. http://www.washingtonpost.com/wp-dyn/content/article/2008/04/11/AR2008041101914.html
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By: Lesley

Lesley — Wed, 17 Mar 2010 18:48:59 +0000

You could try to do one, but the bank has to agree to it, and that’s a huge deficiency. If they do approve it, they will issue you a 1099 for the deficiency which will be taxable to you as income. You might want to consider bankruptcy or a deed in lieu of foreclosure.
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By: theshadow01

theshadow01 — Wed, 17 Mar 2010 18:14:59 +0000

Your lender will have to approve of a short sale. Wells Fargo is notorious for denying short sale requests. You need to call their Loss Mitigation Department and see what you can work out.
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