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The real estate market is turning upward in many locations and people who were not too badly underwater can now sell and at least get out from under, even if they can't make a profit.
Good for you, OP, for making sure your seller got out of the sale in a fair manner.
I have been talking to people that do investment properties and they said that forming an LLC or some other buisness entity to buy the house is the best bet that way if things go south the LLC can declair bankrupcty and your personal assets are not tied to the bankruptcy. ...................
You can not get a mortgage without someone to personally guarantee the mortgage. So, no, you can not get a mortgage in the name of an LLC and just walk away. The banks aren't really that dumb.
Only very established corporations can get a loan in the name of the corporation, and they must show the ability to pay it back. Normally, someone has to personally guarantee the loan even for a corporation.
What your people are talking about, highlife, is liability. The house goes into the name of an LLC and if you get sued, your personal assets aren't at risk in the lawsuit.............. unless, of course, they have an excellent lawyer because LLC's can be broken.
You can not get a mortgage without someone to personally guarantee the mortgage. So, no, you can not get a mortgage in the name of an LLC and just walk away. The banks aren't really that dumb.
Only very established corporations can get a loan in the name of the corporation, and they must show the ability to pay it back. Normally, someone has to personally guarantee the loan even for a corporation.
What your people are talking about, highlife, is liability. The house goes into the name of an LLC and if you get sued, your personal assets aren't at risk in the lawsuit.............. unless, of course, they have an excellent lawyer because LLC's can be broken.
This is really the issue and probably part of the reason why the economy is stalling, that and our really weak patent laws. Who wants to do buisness where your ideas are up for grabs and your exposed to massive liability if the lawyer does his homework.
Realtors that can get their clients money or break them even are the real realtors. The ones that ask the client to write a check are the worthless ones.....
I have not yet had a client who had to write a check at closing, I choose not to list short sales and I do not agree with your position.
Most folk with upside down mortgages remained current on their mortgage payments and had/have no interest in short selling or a foreclosure. If they have to move, what they paid, how much equity they previously took out of their home, need or want out of the sale has no bearing on what the market will bear. And sometimes, sellers have to write a check to move on.
If you can negotiate a short sale then you can be the wizard, you would be worth your weight in gold as a realtor. If you cant and try to shame the seller into writing a check your are just another worthless fly by night realitor who got their license out of a cracker jack box.
There are good realtors out there that can negotiate short sales and save their clients rear ends, you just don't sound like your one of them based of your condescending post.
You assume most sellers are willing to walk away from their promise to repay their mortgage when it's convenient to do so, regardless if they have assets.
You assume most sellers are willing to walk away from their promise to repay their mortgage when it's convenient to do so, regardless if they have assets.
If you lost your job and you dont want to loose everything you have ever worked for becuase of an underwater home then yea I will want to find a way out of that situation.
If you lost your job and you dont want to loose everything you have ever worked for becuase of an underwater home then yea I will want to find a way out of that situation.
Stated another way - my problems should not be my responsibility, but rather the responsibility of someone else who believed the promise I made to them, when I had not intentions of keeping those promises.
Just because you lose your job, does not mean that everyone who loaned you money should lose theirs. If you do not want to risk losing the things you have worked for it is very simple - NEVER EVER borrow money. Your problem is not, and should not be, other peoples problems. You seem very entitled.
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