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Answers (8)
- Terrie Leighton, "TerrieLeighton"
- Contributions:78
Would love to hear what legal advice you receive on the this one. I am curious if your legal advisers would agree you should persue your short sale based on your hardship first. Have you considered trying to do a short sale and remain current on your monthly mortage payments. Be sure to ask you lawyer what he thinks of this idea. Best of luck with whatever you decide.
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
Good to hear you are seeking professional in the area of Law and Tax ... get all your questions answered so you know what will most likly take place...good luck
- coffeeme
- Contributions:2
Thank you all, I appreciate the advice. I have just made an appointment with my Real Estate attorney.
- Ricky Beach, "rickybeach"
- Contributions:46
You need to speak with an attorney about this as it sounds pretty sketchy and borderline fraud. Also, your lien holders will most likely ask for updated financials right before approving your short sale. Meaning, if you pull money out during the transaction they will find out. Remember, they have the right to a deficiency judgment.
- David Coffman, "Dave Coffman"
- Contributions:3
There are numerous potential negative remifications to a short sale. But generally a short is better for you than having a foreclosure on your record. You should consult with a realestate lawyer in your area who is familiar with your states regulations regarding shorts and their fallout on your finances. It is very important to have a qualified negotiator working for you, with your lender to minimize the long term damages to your finances. Once you have settled the short and have a complete accounting of the total requirements from your old lender then you can consider touching your assets regarding another home purchase. Remember if your financial situation changes for the better durning the short sale process the bank, your lender, can change their mind about the approval.
- wetdawgs
- Contributions:26841
You need to speak to a lawyer about this. What you are proposing sounds rather squirrely to me, but not able to offer legal advice.
- sunnyview
- Contributions:25139
I hate to cop out, but what you are describing may look like a "buy and bail" from the banks point of view even though it sounds like you have a legitimate hardship.
If you buy another house even with 401K funds, the bank is likely to deny the request from short sale. I think that before you execute your plan, you need to consult with an attorney to make sure that you can protect your 401K funds in your next house and ask for legal advice in terms of the short sale.
I know that you are trying to work a solution to move forward, but I really think that that you need to make sure that you stay clear of anything that the bank can point to as fraud to deny a short sale or attach other assets depending on your state law.
If you buy another house even with 401K funds, the bank is likely to deny the request from short sale. I think that before you execute your plan, you need to consult with an attorney to make sure that you can protect your 401K funds in your next house and ask for legal advice in terms of the short sale.
I know that you are trying to work a solution to move forward, but I really think that that you need to make sure that you stay clear of anything that the bank can point to as fraud to deny a short sale or attach other assets depending on your state law.
- S. Chris Webb, "PHX AZ RE BROKER"
- Contributions:411
It is recommended that anybody seek professional legal and financial advice before proceeding in any short sale. (not on online sites like Zillow) You have some technical questions that could potentially lead to some unfortunate ramifications if not done correctly.
Good luck to you!
Good luck to you!
Short Sale Logistics and Timing
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