Florida Home Loans News

You may still owe money after a foreclosure or short sale

If more than 30 days have expired after the sale of the home, the application would be thrown out by the court. The trouble is, banks may hold on to the home for months or years after a foreclosure ..

For example, if you owe $500,000 to your mortgage lender and short sale the home for $450,000, your lender will report $50,000 of canceled debt on your 1099-C. Since most mortgage lenders wouldn’t agree to a short sale if the value of the home exceeds the outstanding mortgage balance, usually no capital gains issues exist.

You can sell your home after receiving a foreclosure notice as long as you find a. before closing because the buyer's money is what will cover your loan debt.. your home to the highest bidder, but you're still the legal owner until that happens .. In a short sale, you'll sell your house for less than what you owe on your loan,

What Happens If I Sell My House & Got Less Than I Owe to the Mortgage Company? By: Jann Seal. It’s to your advantage to cooperate with a short sale rather than face a foreclosure. You won’t be liable for the outstanding debt if the lender agrees not to seek a deficiency judgment.. You may owe taxes on the outstanding balance, however.

 · Since you may not need to wait two years after a short sale, it’s best to fix credit as soon as possible if you want to apply for a VA loan. Credit scores can lose as much as 160 points after a short sale, foreclosure or deed-in-lieu.

“They're going look at a foreclosure more seriously than they will a. behind, you still have time before the formal foreclosure process begins.. a “short sale” and you'll owe money to the lender even after the house is sold.

Mortgage Protection Insurance Tampa FL – Mortgage Protection Basics – (813) 805-8850 Mortgage Protection Insurance Tampa FL – Mortgage Protection Basics – (813) 805-8850 Sweet, sweet justice: florida homeowners foreclose on Bank of America – We interrupt mortgage life insurance (or mortgage protection insurance), is meant to repay your mortgage if you were to die, or depending on the carrier, become disabled.

Plus, you’ll start getting hit with late fees. After 90 to 150 days in most cases, your lender may file a notice of default with a local courthouse. You’ll probably get a letter saying the foreclosure.

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If property of the deceased is in foreclosure, you must deal with the matter as soon as possible as you have a legal obligation to pay estate creditors and protect the deceased’s assets.. You may be able to sell the home in a short sale instead. The lender accepts less money than due on the mortgage in a short sale.. If a person dies.

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