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Category: Short Sales Current Grade: A- Total Views: 94 Member Comments: 2 |
Posted on: 07/29/2008 Posted by: hungry Blog Points: 435 View all blogs >> |
Hello All,
I was wondering if anyone knew the answer to a question I had......
I am doing a short sale for a homeowner and I wanted to know..... if the Homeowner's note was say 200k and now in this current market the property is worth 150K.....I did my short sale and got the property bank approved at 100k....We sell the house all is fine and gravy, but the only problem is, the original note for the homeowner was 200K and I negotiated that down to 100K, GREAT! But, has anyone heard of the bank coming after the original homeowner after all is said and done for the 100K that I negotiated down? If anyone has any information on this situation, I would greatly appreciate it. Thanks All for your help.
hungry
I was wondering if anyone knew the answer to a question I had......
I am doing a short sale for a homeowner and I wanted to know..... if the Homeowner's note was say 200k and now in this current market the property is worth 150K.....I did my short sale and got the property bank approved at 100k....We sell the house all is fine and gravy, but the only problem is, the original note for the homeowner was 200K and I negotiated that down to 100K, GREAT! But, has anyone heard of the bank coming after the original homeowner after all is said and done for the 100K that I negotiated down? If anyone has any information on this situation, I would greatly appreciate it. Thanks All for your help.
hungry
Vieving 1 - 2 out of 2 comments
Posted By: JohnBoy on 07/29/2008
Great Question. Unfortunately I have no answer for you. Can't wait to see some other comments.
Posted By: Brian Lucier on 07/29/2008
It is my experience that the home owner selling is seen by the IRS as getting a "gift" from the bank to the tune of 100K by your numbers. There may be some relief now, but traditionally the seller is charged the gift as income which is taxable. So they might have dodged a 100K loan balance, but they picked up a $33K tax bill. Again, there may be some relief programs that you or they should check into.
ttys
Brian Lucier
ttys
Brian Lucier
