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From what you writing, I think you have options to come out of this better than just letting the bank take it. Thanks much for your concern and understanding of my position and also for your wishes. Thanks much for the detail. On top of it I have spent around $50K towards kitchen remodeling, ceramic tile, new cabinets, bathroom remodeling, new floor in bathrooms etc. The interest I paid towards the loan and real estate taxes is extra. There was an offer on the home for short sale for $165 but the bank is adamantly moving forward with the foreclosure/sheriff sale in few days. I do not know why the bank wants to do that spending thousands in foreclosure process but not do short sale. Exact same thing happened to my investment home in 2012 and ended in foreclosure even though the bank had a short sale offer for the exact same amount they sold it a month after sheriff sale but I ended up with a 1099 A stuck to my forehead with the amount the bank lost so now I have to pay interest on the amount in 1099 A which is shown as my capital gain/income which I didn feel that the bank can repossess the property at the sheriff sale in few days and can sell off at $189 easily during the summer months. I not in a position to sell it myself and then pay a real estate commission of 6% plus take the loss if any. For banks they get bailed out. My credit history is already in the dumps as my investment property has been foreclosed last year and now it is turn of my primary residence which might hurt a little more but I don think by not much. Let me know what you think.
that it is quite stressful to be facing the loss of the place you called homeThanks much gentlemen for your time and effort. Some people I met said I can and some said I cannot hence I wanted a more responses and know my right. Now it clear that I shouldn sell the permanent fixtures so I cut my losses and move. As far as the bank going thru the loss I think it would be slim as I paid down quite a bit during the last several years and spent a lot on upgrades plus the interest, taxes etc I paid all these years but now Huarache Womens Black
the bank has the opportunity to buy the property at the sheriff sale and sell it using a real estate agent so they make at least to break even if not more.
Jon Holdman, Flying Phoenix LLC
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You say that you have lost money, and I believe that. But on that same house, the bank is also going to be losing money maybe even more than what your losses were; that might not be something you aware of.
By the time they foreclose, the $189K you owe will be more like $210 220K with missed payments, late fees and the legal costs of doing the foreclosure. The bank still ends up paying commissions, closing costs, and, if its a OO buyer, giving seller concessions. So, if they sell at $189, they might net $169. That better than their net from a $165K sale (probably close to $150K or a bit less), but still a loss.
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Originally posted by Brad Collins:Thanks much gentlemen for your time and effort. Some people I met said I can and some said I cannot hence I wanted a more responses and know my right. Now it clear that I shouldn sell the permanent fixtures so I cut my losses and move. As far as the bank going thru the loss I think it would be slim as I paid down quite a bit during the last several years and spent a lot on upgrades plus the interest, taxes etc I paid all these years but now the bank has the opportunity to buy the property at the sheriff sale and sell it using a real estate agent so they make at least to break even if not more.
Short sales are tough on investment properties. But not so tough on a residence, provided you meet their criteria. Good news is the forgiveness of the taxes is (I think) still in effect this year, provided the loans were for acquisition and improvements on the property. Seems like thats the case for you.
And, rest assured, that if you cannot sell it now for enough to pay off what owed, the bank will most certainly take a loss when they eventually sell it for even less.
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OTOH, if you sell it now, it will still be in good condition (at least better than when the bank eventually finds a buyer) and all those fees won be added on. You may well take a loss vs. what you invested. But it you can sell it and pay off what owed, then your credit will suffer significantly less damage than if you let it go to foreclosure.
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The bank can certainly pursue the borrower for those additional losses. I can say whether the bank does so or not.
I seen houses lose lots of fixtures such as cabinets, lighting, flooring (yes, they took hardwoods out) from what was there before foreclosure vs how the listing looked after the bank got the house.
a possibility the bank could take it back and then resell it and actually come Air Huarache Fab Five out ahead of what they owe, then YOU should sell it. When the bank goes through the foreclosure process, they will add thousands of dollars in foreclosure process fees to what they owed. Plus the house will likely sit for six or more months, degrading and possibly being vandalized in the process.
Jon Holdman, Flying Phoenix LLC
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Our home in Indiana is on foreclosure path and the sheriff sale is scheduled in about 10 days. I have lost a lot of money in this home as I have spent a lot on kitchen bathroom upgrades. I want to salvage what I can so I was just wondering if I could sell the kitchen and bathroom cabinets, fittings etc or will I be prosecuted by the bank seeking restitution.
What are the numbers that you used to come to this conclusion? Paying down the mortgage isn profit to the lender. The lender only profit thus far is the interest and points and fees you paid. Is there any equity in the property? Can you sell it for what you owe or more? If so, then you should crunch the numbers and figure out if you be better selling it. You still have time to stall the sale. Selling it also helps you manage/control when you have to move. They are fully intended to help you. If there is a possibility of you selling and coming out ahead, that a far, far better option than just letting the bank take it. That will still be much better for you.
This is very URGENT so I would appreciate your quick response and guidance. Thanks much in advance.
Another alternative is a short sale. That still hurts your credit, but isn as bad (in some ways) as a foreclosure.
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