Upside Down Mortgage
 

Upside Down Mortgage Solutions - California

There are a lot of help available for people in the upside down mortgage situation in California. A good realtor can help you with your home, a good real estate investor can help you with a real estate short sale and a good real estate attorney can help you with other financial situation you may have as a result of your upside down mortgage situation. Below are some ways to help you with your upside down mortgage situation in CA. But, remember the more upside down you are with your mortgages, the more help you need from the following professions.

  • realtors
  • real estate investors
  • real estate attorney

Why do you need all three professions to help you out of your upside down mortgage situation?

 

Upside Down Mortgage solutions in California

Because CA being the land of happy lawsuits, realtors will not give legal advice and neither will real estate investors. They will not help you beyond their allowed capacity. Therefore, talking to all three will give you the true picture of your upside down mortgage situation. Don't listen to just realtors or real estate investors or the real estate attorney because each of them, while helping your, will want to make money off of your unfortunate upside down mortgage situation. Use your own judgement.



Upside down mortgage & foreclosures in California

California is a trust deed state and cannot get deficiency judgement from homeowners who are upside down on their mortgages and have defaulted on their mortgage payments. If you are going through a foreclosure and you are upside down on your mortgage, then the mortgage lender may 1099 you their loss resulting from the sale of your home and the amount you owe them.

What happens when the lender 1099 me?

The loss amount will show up on your 1099 as income so the IRS will come after you for the taxes on that income.

What to do if you are upside down in mortgage in CA?

When you are upside down in mortgage or mortgages, the best thing to do is to do a short sale. In order to do a short sale, you need to find an interested buyer who is willing to talk to the mortgage lender. Doing a short sale is not difficult and it does not take long but you do need to find the right people to do the short sale for you who will have your best interest in mind, not theirs. For a successful short sale, make sure you know as much about it as possible so you can oversee the whole short sale process and no one can take advantage of your situation.