All Forum Posts by: Tracy Humphreys

Ok, I will ask him to request to see the Mortgagee's letter of short sale approval.

So, if he gets a 1099 from the IRS will he owe money??

Thanks you so much for your help...I really appreciate it.

He said he spoke with the guy and they told him there will not be a balance after the short sale. He's just scared b/c people have been telling him that a lot of the times people have been left with bills. I told him to trust the people he's working with. I also told him to get the HUD before the closing...that will tell him if he will have anythiing left over.

A friend of mine is in some trouble.

He was involved in a scam situation. He was offered $10,000 to help someone out of foreclosure. Basically he put the property in his name for 6 months so that the owner doesn't lose the property after 6 months to a year the property is then deeded back to the original owner...at least this is what he was told.

Ok, so now he goes and closes on this property and they were supposed to escrow 6 months worth of mortgage payment in an escrow account at the closing. This was NEVER done. Basically the scam artist walked away with all the money and now this man is stuck with this lemon property that was overvalued and have to find a way to pay the mortgage. He did not have the money. The scam artist paid the first month and left him to pay the rest of the months. He had a 750 credit score that is now 540 and he's totally distraught. He has since then found an agent who is doing a short sale, but he's been working with them since August and they said they are still waiting for the bank to schedule the "short sale" closing. How long does this usually take?

What this guy is concerned about is owing money after the short sale is done. How does he ensure that this does not happen. Is there any other action he can take? Someone mentioned a "Deed in Lieu of foreclosure" but he said that seems complicated.

Any help would be greatly appreciated.

Thanks.