| Re: Short Sale - California
kaye_ca... I have my doubts about this agent.
On your number 1... what you're actually describing is a Purchase money loan.. and if you have one then lender cannot pursue you for deficiency if the house gets foreclosed. Short sale is a different matter..everything is negotiable and there is a strong possibility that if you agree to it they can pursue you for deficiency.. you have to be careful and hire at attorney to look over all the documents you sign with the lender.
On your number 2...this has nothing to do with $500k credit... 1099 will always be issued after short sale, accept that due to the new tax forgiveness law taxes will be forgiven if it is your primary residence.
On your number 3... NODs (notices of default are usually issued 3 months after non-payment... has nothing to do with Short Sale...
Also, advice not to have an attorney to at least look over your documents is a really bad one. Especially considereing this agent doesn't seem to know what they are talking about. |