patrick.net

Not One Comment? I'll be careful before spending 20+ hours on a guidebook in the future.

kronicade says

Not One Comment?

Give it time :)

Did the servicer 1099 for the balance owed?

for $3.99 I'll tell you why it's a bad idea to do a short sale

Good question.

The Condo was my primary residence for more than 2 years so the loss was not taxable. The lender factored this and the 1099 was essentially a statement with no taxable liability.

I can't remember the type of 1099 but the IRS did not consider the loss as taxable.

Thanks, you're right too, I should be more patient.

-kronicade

OK toothfairy, shoot

E-man:

I spent 100+ hours on the phone with my bank (which was a waist of time btw and I explain why).

I had multiple discussions with the Comptroller of the Currency (documented) and spoke the Office of the CEO at my lenders bank.

I've spoken with 20 or so Agents and explain why some are useful and most are worthless.

I've spoken with 2 attorneys

I've talked with a CPAs

I've reviewed pages and pages IRS code

Please tell me that 100+ hours of your time documenting and analyzing something with experts in multiple fields isn't worth 2 bucks?

Although, I would agree, the title should be more "My Experience Going through a Short Sale and What I Learned"

I am not an authority on how to complete a short sale.

Although, I have not met one person to date that is.

read this
http://www.bankruptcylawnetwork.com/bankruptcy-and-short-sales-california/

E-man says

Only one short sale experience under your belt is not worth $1.99 imho.

I agree with e-man. Not worth 1.99. If people just pay the bills they won't need shortsale advice.

PockyClips:

Why would a "Bankruptcy Law" website be helpful to a homeowner considering a short sale?

I agree with the article but a homeowner should not just throw in the towel and ruin their credit for 7 years unless that's their best option.

There is a distinct difference with an underwater homeowner who cannot pay their mortgage and someone swimming in debt and approaching bankruptcy.

-kronicade

"if peaoplurking says

E-man says

Only one short sale experience under your belt is not worth $1.99 imho.

I agree with e-man. Not worth 1.99. If people just pay the bills they won't need shortsale advice.

What is wrong with you people?

You're obviously spouting a baseless opinion considering you haven't even read it

"The OP should pay Patrick money to place a regular ad."

Great idea!! I'll donate exactly 50% of ALL proceeds for August.

Of course, not a single person has purchased this so it's currently a null point at this time.

Why would people pay to read a book that we don't know is good or not and then comment on it in this thread after doing so? What is the incentive to pay you money?

Patrick -- isn't this a commercial post? This is spam -- kronicade is hawking his/her book.

E-man says

Kronicade,

I personally think you should make it available for free. Also, why the hell were you dealing and talking with all of these people? Let your realtor handle it.

I know a realtor that closes 4 to 6 short sales a month on an average. Before he takes the listing, he already knows whether or not the property will close. In another word, he knows whether or not the lender(s) would approve the short sale or not.

Well, I wish you well and hope you will make money selling it.

Cheers.

Success isn't by chance, but by choice.

E-man:

I can't cave and make it free just yet (although I may just do that if no one is interested in spending $2). we'll see.

I dealt with all these people because I had started with 3 useless agents (all of which assured me they knew what they were doing). If I knew what I know now I would have picked up someone who knows the process and asked the correct questions. For instance "Has the agent processed the short sale or was it just someone in their office?" and "What documentation is required by the bank?" and "How do you push forward if the bank is unresponsive?" (i.e. definitely not by phone!!)

The last agent I had (back in 2009) closed about 26 previous short sales in the LA area and given that my previous agents were so useless I became very much engaged in the whole process.

> Patrickicians?

Is that what we are called now?