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Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?
Started by Pat Hood in Short Sale Discussions. Last reply by Pat Hood Sep 12. 4 Replies 0 Likes
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Started by Bill Garrett in Short Sale Discussions. Last reply by Minna Reid Sep 12. 1 Reply 0 Likes
Does additional Buyer contribution to junior lien need to show on first lien's approval letter?PLUS the HUD?
Started by Pat Hood in Short Sale Discussions. Last reply by Pat Hood Aug 17. 2 Replies 1 Like
OCWEN NIGHTMARE!!!!! WONT initiate a file it is an Estate! And now put it on auction list!
Started by Elliot Ambalo in Short Sale Discussions. Last reply by Brett Goldsmith Jul 25. 3 Replies 1 Like
Preliminary Seller's Disclosure Form Rejection: Bad Math or A Bank Negotiating Tactic
Started by Julian Cover in Short Sale Discussions. Last reply by Smitty May 28. 2 Replies 1 Like
Short pay off with ocwen & Shellpoint / shell point
Started by Elliot Ambalo in Short Sale Discussions. Last reply by Smitty May 28. 4 Replies 1 Like
Shellpoint / Shell point refusing to order there own BPO or Appraisal.
Started by Elliot Ambalo in Short Sale Discussions. Last reply by Darren Bell Jun 12. 1 Reply 1 Like
XOME and Short Sales
Started by Smitty in Short Sale Discussions May 15. 0 Replies 0 Likes
Short Sale Listing Opportunities, most states
Started by Wendy Martin in Short Sale Discussions May 8. 0 Replies 2 Likes
REO FIRE HOW DOES SPS DEAL WITH IT
Started by Dot Nicklus in Short Sale Discussions. Last reply by Brett Goldsmith Jul 5. 1 Reply 1 Like
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Brett Goldsmith commented on Stephanie Lim's group FHA - HUD Short Sales"The only time one is able to go below 84% NET from what I've ever seen is when there is a partial claim that is required to get paid."
Brett Goldsmith commented on Stephanie Lim's group FHA - HUD Short Sales"Gurerry, let me rephrase that for you. You can get to a lower tier prior to the requested time period per the ATP by having a variance submitted. Here's an example: I've gotten 84% NET approved within 30 days of borrower being in the PFS…"
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales"I'm confused. Why would you need a variance for 86 percent within the 30-60 day period when that's the required net for that period?"
Brett Goldsmith commented on Stephanie Lim's group FHA - HUD Short Sales"@Gregg depends if NET is being exceeded or not. It's possible to go straight to 86 or 84% tier within 30-60 days but you need a variance submitted."
Pat Hood replied to Pat Hood's discussion Can the IRS $500,000 allowable net proceeds for a married couple from primary residence be used to offset 1099C income from a short sale?"Minna,
Thank you. Will send this on to the CPA.
Pat"
Guerry Clegg commented on Stephanie Lim's group FHA - HUD Short Sales"That's good to know. The last time I tried they were completely rigid, but that has been a while. Our net was about 94 pct, which made it more frustrating. "
Alexis Adams commented on Stephanie Lim's group FHA - HUD Short Sales"It's hard to say as a general rule as I am sure it's case-by-case but I have seen HUD go below required net and allow concessions within the first 30 days. For example, a few weeks back I had a case with an FHA buyer where we were just shy…"
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