Comment

Comment by Ludora Cooper on November 29, 2012 at 10:42am

Hi Joe, We are in the process of trying to get SS approvals on "four" of her other investment properties. So she may not go the route of BK until know the status of those first. She did mention a Deed in lieu on this one. Oddly enough "none" of the other four all with BOA have not come back asking for any cash contribution only this one.

Comment by Helena Kaucheck on November 29, 2012 at 10:26am

Hi. I have had a few of these. Some I won the argument others not. You need to determine if the MI considers 401k as an asset. While this is used for retirement, it can be orr owed against so it can be considered an asset. As for the properties, I'd recommend you comp each one and focus the lender on the inability to consider these assets since they are upside down. You need to be very strong about this and make sure you back yourself up with hard stats. They look at the news reports about the home price increases. As for not showing, I'm a believer in providing what is asked. Not providing may only backfire on you and your seller. I've closed close to 80 SS in my career and there are things are become pretty visible and ways to fight them. But that is always based on the parties involved in the lenders court.

Comment by joe beauchamp on November 29, 2012 at 10:23am

Ludora, if the seller is going to walk, she should BK. Then they can't ask her for a dime. Maybe there is some rationale for her getting hit with a foreclosure instead - I don't know of a good one unless she has hopes of turning around the TN properties or some such. MI companies are all over the map. It is possible that this is one which would "just say no" no matter what..

Comment by Ludora Cooper on November 29, 2012 at 10:11am

MI Company asking for cash contribution.... After looking at my seller's financials- they asked the seller to contribute $14,400 on a BOA Short Sale. Could this be because she has a 401K with $156,000 in it? OR 5 Investment properties besides her primary residence although they are all "upside" down here in TN? In cases like this is it best the seller "not" show a 401k at all? They can't touch a person's retirement accounts.  The Seller is going to walk on this one she says. So much for my 90 days of work.

Comment by Tanya Seeger on November 29, 2012 at 9:30am

Carol - Find out who the foreclosure attorney was, and sent your final docs (approval letter, HUD, wire confirmation that were uploaded in equator) to the BOA attorney.  They will contact BOA and take care of it.

Comment by Carol Muir on November 29, 2012 at 9:19am

A foreclosure action was never vacated. How do I expedite? Anyone had this experience?

Comment by Dean E Eshelman, CPA, CDPE, IRES on November 28, 2012 at 1:36pm

@Alton Tydall @Elizabeth Weintraub Straight from IRS publication 559. Signing tax return of DECEASED tax payer.

Name, Address, and Signature

Write the word “DECEASED,” the decedent's name, and the date of death across the top of the tax return. If filing a joint return, write the name and address of the decedent and the surviving spouse in the name and address fields. If a joint return is not being filed, write the decedent's name in the name field and the personal representative's name and address in the remaining field.

Third party designee.   You can check the “Yes” box in the Third Party Designee area of the return to authorize the IRS to discuss the return with a friend, family member, or any other person you choose. This allows the IRS to call the person you identified as the designee to answer any questions that may arise during the processing of the return. It also allows the designee to perform certain actions. See the Form 1040 instructions for details.

Signature.   If a personal representative has been appointed, that person must sign the return. If it is a joint return, the surviving spouse must also sign it. If no personal representative has been appointed, the surviving spouse (on a joint return) signs the return and writes in the signature area “Filing as surviving spouse.” If no personal representative has been appointed and if there is no surviving spouse, the person in charge of the decedent's property must file and sign the return as “personal representative.”

Comment by ElizabethWeintraub00697006LyonRE on November 28, 2012 at 8:37am

I would say yes because taxes were filed. I've had the negotiators do it 2 different ways. One has asked that we type the deceased's name and then write DECEASED in the signature line, and another has asked the executor to sign as executor for the deceased.

Comment by Alton R. Tyndall, Jr on November 28, 2012 at 7:36am

Hey all, I have a question regarding a form, for the shortsale involving a deceased seller , now an estate, does the 4506-T still have to be submitted to the bank,I have death certificate and letter of Executor for the Estate ,thanks Alton

Comment by Christy Brock on November 27, 2012 at 8:38am

I am in the East Bay of the San Francisco Bay Area.  Last week I pulled a list of REOs that have been on the market for over 30 days.  The vast majority of them were HomePath properties AND they were 30+% overpriced!  Shame on Fannie Mae and their no appraisal HomePath program.  They are doing a disservice to the market.

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