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  • October 22, 2007 at 12:55 PM #90633
    BayNegative
    Participant

    Rough numbers:

    Home 1:
    1st 300k (5/1)
    2nd 105k (HELOC)

    Can possibly sell for 340-350

    Home 2:
    1st 300k (Neg AM)
    2nd 25k (HELOC same lender as 1st)

    Can possible sell for 270-280

    October 22, 2007 at 12:55 PM #90649
    BayNegative
    Participant

    Rough numbers:

    Home 1:
    1st 300k (5/1)
    2nd 105k (HELOC)

    Can possibly sell for 340-350

    Home 2:
    1st 300k (Neg AM)
    2nd 25k (HELOC same lender as 1st)

    Can possible sell for 270-280

    October 22, 2007 at 12:55 PM #90651
    BayNegative
    Participant

    Rough numbers:

    Home 1:
    1st 300k (5/1)
    2nd 105k (HELOC)

    Can possibly sell for 340-350

    Home 2:
    1st 300k (Neg AM)
    2nd 25k (HELOC same lender as 1st)

    Can possible sell for 270-280

    October 22, 2007 at 4:35 PM #90721
    ucodegen
    Participant

    Concentrate on a short sale for home #1. You could knock off close to 40K on the HELOC. As for Home #2, looks like short sale would not help.. you’ll have to take the full 25K in 1099s. The bank holding the HELOC may drag its feet on house #1.

    Make sure you don’t sign any further loan documents as a condition of short sale on #1. This could trap you. Take the approach that immediate short sale will limit losses. This is also where a good loss mitigation person might help. Sorry, I’m not one..

    PS: You may want to talk to both a tax attorney and a loss mitigation person. The former for specifics on the neg-am loan and recourse. The loss-mit for negotiating the short sale. Time is critical.

    October 22, 2007 at 4:35 PM #90741
    ucodegen
    Participant

    Concentrate on a short sale for home #1. You could knock off close to 40K on the HELOC. As for Home #2, looks like short sale would not help.. you’ll have to take the full 25K in 1099s. The bank holding the HELOC may drag its feet on house #1.

    Make sure you don’t sign any further loan documents as a condition of short sale on #1. This could trap you. Take the approach that immediate short sale will limit losses. This is also where a good loss mitigation person might help. Sorry, I’m not one..

    PS: You may want to talk to both a tax attorney and a loss mitigation person. The former for specifics on the neg-am loan and recourse. The loss-mit for negotiating the short sale. Time is critical.

    October 22, 2007 at 4:35 PM #90753
    ucodegen
    Participant

    Concentrate on a short sale for home #1. You could knock off close to 40K on the HELOC. As for Home #2, looks like short sale would not help.. you’ll have to take the full 25K in 1099s. The bank holding the HELOC may drag its feet on house #1.

    Make sure you don’t sign any further loan documents as a condition of short sale on #1. This could trap you. Take the approach that immediate short sale will limit losses. This is also where a good loss mitigation person might help. Sorry, I’m not one..

    PS: You may want to talk to both a tax attorney and a loss mitigation person. The former for specifics on the neg-am loan and recourse. The loss-mit for negotiating the short sale. Time is critical.

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