HSBC has told me they only hold notes they do not do mortgages so then am I not eligible for relief under HARP?

comparable thread www.biggerpockets.com/forums/61/topics/73924-timeshare-relief--is-there-money-to-be-made

J Scott - Here's the donate link I'd like for you to use:http://sandyrelief.org/Please donate the funds on behalf of BiggerPockets.com to the Sandy Relief Fund . . . that'll make my day!

Chances are you will - have a deficiency judgement, - if there is a second mortgage you will owe that money, - the IRS views the debt as forgiven income (see a CPA), http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-- your credit FICO score will drop as much as a foreclosure,and - your borrow-ability with any government agency like FHA will be harmed for a long time.So what is left?

If the former owner had filed bankruptcy, and the lender had not obtained relief from stay, then the foreclosure sale was invalid and may explain why they rescinded the deed (if that is in fact true).

Just waiting for the bank also sign and have a fully executed contract.Good news is that the bank will evict the person living in the house (That's a relief) since the tenant is not cooperative and they don't allow the county to do the certificate of occupancy (which is needed in my county for every foreclosure sale)PS ( 3rd lesson learned: Deals are like taxis, when one passes, the next one will come...i read that somewhere in BP and in this week I found another potential short sale I am planning to pursue also)Two questions:-Assuming the Certificate of Use comes saying the property needs to fix X Y and Z before is a livable property, How can I leverage this lo lower down my offer again?

There's a flat deduction for folks that fall under the AMT.Not only that, the Taxpayer Relief Act of 2013 reinstated the personal exemption phase out AND the limitation of itemized deductions.

There is definitely a sense of relief knowing that, barring any major disasters, we won't be getting a call about any repairs on the houses for the next 10 months!

Thanks so much...you both have sorta restored the wind beneath my wings again...I feel a since of ahhhh (relief).God bless you.

The IRS often gets involved with short sales, because they are seen as a relief of debt and may be treated as income.