What will be tax consequences for borrower of rental house giving property back to lender through deed in lieu with following situation.(1) Lender issue 1099C , No deficiency judgement.(2) Lender don't issue 1099C , N...

I just went to the courthouse to check on this property, and it had already went to sale late last year. They gave me the what I assume is the outcome of that sale. I have a few questions before I go any further, and ...

I believe ASC is reserving the right to pursue a deficiency, although it doesn't acutally SAY it like that.
Would someone be able to interpret this for me?

"Upon satisfaction of all terms specified above, the mortgag...

Over the past two weeks our law firm has seen a new trend in our market. We are seeing the real estate investors who bought large numbers of property, finally start losing their ability to pay. The typical scenario an...

I'm having a difficult time getting 1st lienholder to provide details (payoff) to us as we are 2nd lienholder. They don't know but we're about to foreclose.  I know we are entitled to info but what should I provide &a...

Can someone tell me if you owe more than the bank gets for your home during the foreclosure process who is responsible for the difference? Am I? Is it written off?

Thanks

I see so many investors, do such ridiculous calculations and get stuck in perpetual analysis paralysis while homes are going up, up, up in value all around them! ...."Well Steve, by my calculations, the potential rent...

I'm hoping to find more information about a seller receiving a 1099 and being responsible for income taxes for the difference between the sale price and the outstanding mortgage during a short sale. Does this always t...

We have a NPL on a SFR property in Illinois with a foreclosure sale date next month. Borrowers finally came to the table for a loan mod earlier this month (they have been disputing the debt for a few years). They subm...

I owe like $80k on a rental that is worth maybe $60k.  It has been a dog for years and costs me money each month.  I have owned it for almost 10 years and would just like to get rid of it.  Is there any chance the ban...