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In United States
Registered Dec 06, 2012
kibblesvicks's most recent comments:
- On Thu, 6 Dec 2012, 11:00pm PST
Short Sales of Homes Surge as Tax Break to Expire,
Call it Crazy says
Short sales have accounted for as many as 1.1 million transactions since 2009, helping to reduce the inventory of homes owned by banks that can blight neighborhoods and flood the market. Barring a last-minute extension of the 2007 Mortgage Forgiveness Debt Relief Act, homeowners will be taxed on the forgiven principal. With Congress focused on the so-called fiscal cliff, federal spending cuts and tax-rate hikes set to kick in on Jan. 1, the law may not be extended, leading to a drop in short sales and a rise in foreclosures.
Personally, I think this is all a bunch of hoopla and the gov't blowing smoke up the asses of those in default from the bubble period and the lenders who lent out these ridiculous loans. I can guarantee the gov't will extend this law. Why wouldn't they? They already have billions of dollars invested in the bailout money they supplied to these banks. The Banks in some cases are holding this process up, and I'm sure this is a pressure move from congress. Did you know that this has already been extended before. They put deadlines on them and then extend. Actually they have extended it and revised it to make it more lucrative for the banks and default homeowners to agree to a short sale. Everything in this world is a bunch of lies and corruption. These banks are now receiving short sale incentives for each home that settle. My question is how do you make money for a loan that you fraudulently gave and did not protect it and yourself. Welcome to America. They'll extend it and make more accommodations to make it more appealing.
- On Wed, 5 Dec 2012, 11:32pm PST
Help! Short Selling my House,
Listen I hold myself accountable to a degree, but the banks, agents, and mortgage brokers involved were almost comically careless and fraudulent. All I can say is that I was young, dumb, and used bad judgement. But bottom line is the bank is ultimately responsible for their negligence, carelessness, and fraudulence. "Ask and you shall receive," shouldn't apply to obtaining a 400,000.00 mortgage for a 21 year old kid with less than a thousand dollars in his checking account at time of inquiry. LOL. But seriously I do take some of the blame.
My wife now doesn't want me to rent out the home or move back in because she wants me to just reestablish my credit, and take advantage of HAFA perks, which allow for better credit reporting. Plus I would have to invest a couple thousand on some things before either could happen. Not worth it.
THANK YOU for the info!!!!!! I would love to keep the home, but I'm not sure the bank will forgive some of the loan as you say. The home is at 40% less market value than the purchase price!!! I would love to short sell the home to my wife, but that would be a conflict of interest. With permits a mother daughter, and who ever does get it at around the price it will sell for is getting a major steal.
I will request to see the original note, my buddy keeps telling me to conduct a forensic audit on the loans.