Comments on: Loan Modifications http://www.livelearninvest.com/loan-modifications/ Living life to its fullest by generating passive income through investments Thu, 02 Feb 2012 03:11:13 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Wells Fargo: How Are They Still In Business? | The Successful Landlord Blog http://www.livelearninvest.com/loan-modifications/comment-page-1/#comment-66861 Wells Fargo: How Are They Still In Business? | The Successful Landlord Blog Mon, 16 Feb 2009 11:05:08 +0000 http://www.livelearninvest.com/blog/?p=1191#comment-66861 [...] Since writing this piece, I ran across this post from Kenric about a similar experience. Share and [...] [...] Since writing this piece, I ran across this post from Kenric about a similar experience. Share and [...]

]]> By: Shaun http://www.livelearninvest.com/loan-modifications/comment-page-1/#comment-64998 Shaun Thu, 29 Jan 2009 17:20:18 +0000 http://www.livelearninvest.com/blog/?p=1191#comment-64998 And don't forget, which a short sale, the bank will probably hit you with a 1099 for the principle reduction, raising your tax bill. Hmmm.. I wonder if they would do that will a loan modification as well.. And don’t forget, which a short sale, the bank will probably hit you with a 1099 for the principle reduction, raising your tax bill. Hmmm.. I wonder if they would do that will a loan modification as well..

]]> By: Another Investor http://www.livelearninvest.com/loan-modifications/comment-page-1/#comment-64987 Another Investor Thu, 29 Jan 2009 15:32:37 +0000 http://www.livelearninvest.com/blog/?p=1191#comment-64987 Short sales are a little less damaging to your credit than a foreclosure. If you decide to go that route, list the house with someone that is experienced with short sales with your specific lender. The short sale will have to be an arm's length transaction and the property will have to be listed. No sales to family members or related entities allowed. You will need to prove hardship. The standards for hardship are likely to loosen as there is more government intervention, but there will be a big bias toward owner-occupants and against investors. You are in for an interesting adventure. No breathtaking photos from this trip, though. Looking forward to the details as they arise... Short sales are a little less damaging to your credit than a foreclosure. If you decide to go that route, list the house with someone that is experienced with short sales with your specific lender.

The short sale will have to be an arm’s length transaction and the property will have to be listed. No sales to family members or related entities allowed. You will need to prove hardship. The standards for hardship are likely to loosen as there is more government intervention, but there will be a big bias toward owner-occupants and against investors.

You are in for an interesting adventure. No breathtaking photos from this trip, though. Looking forward to the details as they arise…

]]> By: TheLandlord http://www.livelearninvest.com/loan-modifications/comment-page-1/#comment-64984 TheLandlord Thu, 29 Jan 2009 13:49:11 +0000 http://www.livelearninvest.com/blog/?p=1191#comment-64984 Kenric, Would one of the loan companies be Wells Fargo by chance? This behavior sounds EXACTLY like them. Kenric,
Would one of the loan companies be Wells Fargo by chance? This behavior sounds EXACTLY like them.

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