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What are the new laws concerning short sales and foreclosures?

Customer Question
What are the new laws...
What are the new laws concerning short sales and foreclosures? I have a house in CA that I own -rent out to tenants. I have had so much trouble with so many tenants not paying rent, ruining the place, skipping out, etc. This has been going on for several years even with management co. and I have paid thousands of dollars for repairs , rents, evictions, etc. I plan on short selling this home, I lived ini it for several years in 1990's then i moved for a job. I know I will have to pay the difference in load and what they can get for it on taxes. Would you have to pay more if it foreclosed or the same? I found out I had to be approved for a short sale? I have done loan modification just two years ago and I don't think another one would make a difference--still have trouble with tenants. Home is under water and in a bad area really went down in value after 2008. Is there any way I could pay less if I lived in the house for 2 years and it would be my prime residence--in taxes that is. Would it be wise for me to pay the debt-haven't paid for 8 months and move back in it--possible job in that area. Is there any way I could avoid paying so much i taxes since that forgiveness isn"t here any more? Thanks for any help you can give me. Sue
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 16 minutes by:
7/17/2015
Real Estate Lawyer: Dimitry Esquire, Attorney replied 2 years ago
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41,221
Experience: JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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Thank you for your question, Sue. Please permit me to assist you with your concerns.
If I may ask, do you reside on the property, or is this purely an investment home?
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Customer reply replied 2 years ago
I still pay the mortgage on this house. I just wanted to rent it to get enough to pay the mortageon it because I am also paying for rent in a different city(place I live in. I don't make any money on this house because it still has a mortage on it and it is underwater. I don't reside in the house now but residing init in the 1990's for about 6 years. The government still thinks it is an investment but I pay more on it than I make-I have put thousands o f dollars into it. It is vacant now.
Real Estate Lawyer: Dimitry Esquire, Attorney replied 2 years ago
Hi, The reason I ask is for a somewhat different reason. California happens to be a state where deficiency judgments are not permitted for properties where you are residing. but if the property is deemed to be an investment, then if you allow it to go into foreclosure, the bank CAN pursue you for the deficiency as their costs such as legal fees, penalties, attorney fees, auction fees, and the like. In a 'short sale', if the bank agrees, then you are not required to be responsible for the deficiency if any, but you'd need to get a waiver in writing from the bank where they agree to not pursue you for the funds. And yes, you'd still be liable for the taxes for the difference since that is no longer something that you can waive via the state or via the IRS. The payment would be the same, but the risk of a lawsuit would likely not exist with a short sale provided you get that waiver in writing. But practically the payment would likely be smaller because in a short sale situation you'd likely sell it for more than if sold at auction. Sincerely, ***** *****
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Real Estate Lawyer: Dimitry Esquire, Attorney replied 2 years ago
I do apologize but I do not engage in phone calls, but if you have additional concerns, we can discuss via skype provided that you agree and understand that it will not create an attorney/client relationship, and that I cannot represent you off-site. Thank you!
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Dimitry Esquire
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
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