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Congrats!! I was wondering what happened since we last spoke. Glad it all worked out...good luck with the new house. Hopefully one day you can make it yours.
I think that you will have to pay taxes on the amount that the bank wrote off. Thee is a bill that suspends that tax, but it appears to apply only to people who lose their homes, not to short sales.
I wonder why banks will accept short sales but not short pays? It seems to me that if the homewoner could refinance 80% of the current appraised value of the house, the bank would get more than they would if they sold the house short, or foreclosed. Why do the banks think that getting less money is better than getting more money? Any bankers out there who know the answer to this?
I think that you will have to pay taxes on the amount that the bank wrote off. Thee is a bill that suspends that tax, but it appears to apply only to people who lose their homes, not to short sales.
I wonder why banks will accept short sales but not short pays? It seems to me that if the homewoner could refinance 80% of the current appraised value of the house, the bank would get more than they would if they sold the house short, or foreclosed. Why do the banks think that getting less money is better than getting more money? Any bankers out there who know the answer to this?
Why would anybody who can afford to make their current mortgage payment continue to do so, if they knew their neighbor got their loan modified with zero consequences?
I think that you will have to pay taxes on the amount that the bank wrote off. Thee is a bill that suspends that tax, but it appears to apply only to people who lose their homes, not to short sales.
I wonder why banks will accept short sales but not short pays? It seems to me that if the homewoner could refinance 80% of the current appraised value of the house, the bank would get more than they would if they sold the house short, or foreclosed. Why do the banks think that getting less money is better than getting more money? Any bankers out there who know the answer to this?
The law applies to me as well in regard to a short sale. I checked with my attorney and a short sale was made to AVOID foreclosure, as I was already in the proccess of being foreclosed on when it sold.
The last part of your post I've wondered myself. The reason.. they are just plain retarded. Originally I didn't even ASK to write downt he principal.. jsut stay at the interest rate of 6.95% and lock it in at that rate. They refused!!
My theory is that the banks wanted the losses to take affect so that they can still keep their money when they went to the government to help them. After all, they are getting a 750 Billion bailout and I still had to loose over 100K on my house and lose my home! They are scumbags.. the banks and wall street and I will forever look at them that way. If I purchase a home again I hope to be able to put mostly cash down because I don't want any other mortgage entitly to make a dime of me!
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