 short sale rental (by Rosa [OH]) Mar 19, 2011 12:42 PM
 short sale rental (by Larry [MN]) Mar 19, 2011 1:06 PM
short sale rental (by Virden [OH]) Mar 19, 2011 8:06 PM
short sale rental (by Cynthia [NC]) Mar 21, 2011 12:42 PM
short sale rental (by Rosa [OH]) Posted on: Mar 19, 2011 12:42 PM
Message:
State Specific Question About: OHIO (OH)
Any advice about short sale on a rental? I am being advised by a lawyer this is the best route to go on a property that has a balloon loan due soon. I don't want to lose any other of my properties that is already taken care of. Mortgage co verbally agreed to do a short sale. Refinancing is not an option. The rental going is on section 8. I plan on calling them and letting them know what I will need to sale soon. Not sure how to tell the renter. They have been there for a long time. I am also worried about the rental becoming vacant while on the market. Not sure what will occur if it does not sale. Any suggestions or advice would be appreciated. Thanks. --64.12.xxx.xxx |
short sale rental (by Larry [MN]) Posted on: Mar 19, 2011 1:06 PM
Message:
You will be 1099'ed for the difference between what you owe and what the sale price is. There's forgiveness on primary homes, but not investment properties.
Can you sell one of your other properties instead? --71.193.xx.xxx |
short sale rental (by Virden [OH]) Posted on: Mar 19, 2011 8:06 PM
Message:
As the name implies there is nothing short in a short sale except how much each party wants to lose, it takes several days/weeks for all the parties to decide to say no - next combination offer, Sec8 will not really care until it transfers or the 30 day notice a financial institution must give per Ohio law, this means you still collect rent until the transfer with the 30 day notice copied to tenant and Sec8 office, in the meantime you should be able to keep payments going on this property and reduce the debt - that was the original intention right?
I would look to family for help regarding the balloon or consult with Sec8 office about the recently introduced rent-2-own program, I saw this in the CLE office last week. --66.72.xxx.xxx |
short sale rental (by Cynthia [NC]) Posted on: Mar 21, 2011 12:42 PM
Message:
Mortgages are notoriously difficult regarding short sales, but htere has been some legislation putting pressure on them lately. A ouple of thngs 1. NAR has a Short Sale and Foreclosure Specialist designation. You may want to find an agent with this to help you sell. 2. Try to negotiate the balloon with the bank. Could you continue owning the property at it's current rate? If so, try to simply negotiate the ballon for another 5 or 10 years. The bank doesn't want another short sale loss or REO in its books. You just need to get to the loss mitigator with a brain and some authority. Easier said than done! I am a SFR designated agent in another state. Good luck. --66.32.xx.xx |
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