Loan Modification Forum - LoanSafe.org - View Single Post - Short Sale

SKimball · 07-13-2009, 07:08 PM

Hi,

My wife is in a similar situation, but we can't seem to get a straight answer from anyone. We've spoken to a real estate broker, an attoreny and a CPA and all have told us very different things.

The Facts:
My wife and her sister bought a condo in Orange County for $315K in 2003. Because prices were rising so fast, they almost immediately did a cash-out refi of about $15-20K to do the floors. When her sister got married in 2006, my wife did another cash-out refi of about $65-70K to pay her sister off. Today the loan stands at $426K with a first and a second, both with Countrywide / BofA. The condo is worth $275K-300K. The loans are interest only.

Like I said, we've heard different things from everyone. The broker says we won't be 1099'd, the CPA says we will be and the attoreny says its negotiable.

The broker also said we will be asked to take on an unsecured note by BofA, but he isn't specific about the amount.

My wife is $125-150K upside down, but we still can't afford a $50K liability between a 1099 and an unsecured note.

Has anyone been in a similar situation? We need help!!!

Scott

07-13-2009, 07:08 PM	#12 (permalink)
SKimball Junior Member Join Date: Jun 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Short Sale - California Hi, My wife is in a similar situation, but we can't seem to get a straight answer from anyone. We've spoken to a real estate broker, an attoreny and a CPA and all have told us very different things. The Facts: My wife and her sister bought a condo in Orange County for $315K in 2003. Because prices were rising so fast, they almost immediately did a cash-out refi of about $15-20K to do the floors. When her sister got married in 2006, my wife did another cash-out refi of about $65-70K to pay her sister off. Today the loan stands at $426K with a first and a second, both with Countrywide / BofA. The condo is worth $275K-300K. The loans are interest only. Like I said, we've heard different things from everyone. The broker says we won't be 1099'd, the CPA says we will be and the attoreny says its negotiable. The broker also said we will be asked to take on an unsecured note by BofA, but he isn't specific about the amount. My wife is $125-150K upside down, but we still can't afford a $50K liability between a 1099 and an unsecured note. Has anyone been in a similar situation? We need help!!! Scott