Any ideas as of best way to deal with mortgage in a vacant house?
by Mortgage Rates on Tuesday, November 30th, 2010 | 1 Comment
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no worries. many seller’s are in your same situation. contact a local realtor who is familiar with short sales. They will list your home about 80-85% market value and is sure to bring an offer. Be pro-active and contact your lender to request a short sale package. They will mail or fax this to you. Your short sale agent will negotiate with the loss mitigation negotiator and get the offer accepted. Within 3 weeks you could have your home closed. In essence, your lender will pay the commission to the listing agent and the buyer’s agent. YOU will need to net ZERO dollars at closing. Of course you will have a loss, the lender will send you a 1099 for the loss that you report on your next tax return as earned income. Your credit will be saved and it will say “settled.” Good Luck.