how do i make sure the lender doesn’t go after me for the remaining mortg balance if i short sale my house?


Iive in ca and my house is about 200k underwater. i want to try short selling it if possible but how do i make sure that i get the cancellation of debt AND don’t get taxed in the end? my last option will be foreclosure or bankruptcy but not sure if i would even qualify considering i still have an income. my only hardship is accumulation of debt. my only hope is if i get principal reduction on my mortgage but i heard that this would be very impossible.

Related Topics:

  1. Can my mortgage lender come after me if I short sale my house? I am thinking about short selling my home. Can my mortgage lender come after me if I short sale my house? Can I have AZ state statues and laws as proof?...
  2. What does the term “short sale” mean when buying a forclosed house? The house is in foreclosure and has been auctioned off for 25 thousand but the owner has 6 months to sell the home for more? He offered it to me for 35 thousand and is calling it a “short sale” Has anyone ever heard of that? I’ve never bought a...
  3. Will my bank agree to a short sale of my house ? I heard my bank(mortgage lender) will not be agree to a short sale of my house when there is a Private mortgage insurance policy on my mortgage loan. Is this true?...
  4. Can a person be authorized for a short sale of his house if he is not in any financial trouble? Say you just want to move but you’re upside down on your house. 2 incomes, manageable debt, no foreclosure pending. Can you short-sell?...
  5. Is it better to apply all of a second house sale to principal on a first mortgage or save some? We owned house number two outright, and hope to close soon leaving about $90,000 principal on our new number 1 residence if fully applied. We wonder whether it is better to accept a higher mortgage payment and reserve some cash for new vehicle, renovation or other expenses, or rather apply...
  6. How can people get away with doing a short sale on a vacant house? I’ve seen houses on the market as short sales, but the owner/occupants have already moved out, and the house is vacant. Correct me if I’m wrong, but I thought short sales were only available to people that need to sell the home that they currently live in, and they had...
  7. Can you buy a new house while in short sale with your fist? We cannot afford our partially remodeled home mortgage any longer because of the arm. Now we have been trying to get out of the house we are in now for years because it’s too small. We want to buy a single family home, ours is a townhouse, and start fresh....
  8. Is it true that you can pay partial mortgage payments while ur house is up for sale to prevent foreclosure? I had someone tell me that I should be able to make partial mortgage payments and send my mortgage company a “hardship” letter to keep them from foreclosing on my house while I have it on the market trying to sell. Does anyone know much about this process? BTW, my...
  9. House going from short sale to foreclosure? Lets say a house is trying to be sold short sale and after a while the bank says enough is enough and they put it in foreclosure. Do they usually keep the price the same when they move it to foreclosure or do they change it?...
  10. When a house is going into foreclosure can you ask the homeowner for a short sale or do you have to wait? Me & my boyfriend found a house that we like, it was up for sale and now it just started to go into foreclosure. I just want to know do we have to wait until its in foreclosure an the people are no longer live there to go an buy...