Profile Foreclosures
Short Sale Question in regards to heirs of estate?
I am in the process of trying to short sale my parent’s home. I have listed it with a realtor and now am required to give all of my personal information to the mortgage company as well as the realtor to negotiate the short sale. This house is also in probate. I have accepted an offer for the sale of the house however I am now required to give all of my personal information and financial information such as my SSN number, how much I make, what I owe, how much I have in my bank accounts, what liquid assets I have…
My question is if I am only an heir and an executor and I will receive nothing from the estate, why am I required to give all of this information to the person handling the short sale? If so, am I responsible for taxes after the short sale has been approved? Will the credit profile for my parent’s house get mixed up with mine? Why would a short sale be better than foreclosure since I am not the borrower and my parents are now deceased?
I would not give anyone any information. I would talk to an estate attorney. Tell the lender (or whoever) that you’ll have to get back to them. Don’t tell them you need to talk to an attorney. See a CPA for tax advice.
In a short sale, you will get nothing. If you give your financial info and sign that you are liable for the loan deficit, you may end up with a 1099C and have to pay the debt as income tax; or you can take over the loan which sounds like that will cost you.
It may be better to allow the house to go to default and that you do not claim any ownership to it.
The lender may try to go after the estate for assets to collect the outstanding balance owed on the loan.
Be careful what you say and what you do.
YOU MUST GET LEGAL ADVICE IMMEDIATELY or you could end up paying the loan deficit.
I have the profile of a foreclosure
