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If your home was repossessed by the bank can the difference between the original price paid and the balance of the mortgage be declared as a capital loss with IRS taxes?
Wiki User
∙ 16y ago
Don't believe so, it's a personal residence. Go to IRS.gov and look at Publication 544, it spells it out. No. This situation can only create a capital loss with business property. If it was your personal residence, you'll just have to be content with the fact that you don't have a capital gain. :)
Wiki User
∙ 16y ago
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What is a mortgage loan originator?
Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.
Can a mortgage be discharged if it is assumed by the buyer?
It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
My car was repossessed can i get the radio i purchased out of the car?
Maybe, if you have the original, but, it is ultimately up to the bank.
What happens if they can't find the motorcycle to be repossessed?
Edit: They should replace it. Original: you win.
How do you fill out release of mortgage document?
To ensure that you officially release the specific mortgage that has been paid off or satisfied, a discharge of mortgage, or "release of mortgage" will require the following informtion: Original mortgage information Original lender Date Original principal amount Recording information (County, and book/page or Document No#) Borrower's name Property Addresss The release of mortgage needs to be signed by the current mortgage holder of record. The person signing the release needs to have the discharge executed in front of a Notary Public.
If car is repossessed does the owner have to still pay original cost of car?
In most cases YES
What is the difference between a foreclosure and a repossession?
They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.
What can be done with a mature mortgage?
A mature mortgage has usually amortized and paid itself out. If it has been paid out the mortgage lender will send you your original Security deed back.
How can one get cash out of a home mortgage?
One can get a cash out on the mortgage on their home when one plans to refinance. The refinanced mortgage is higher than the original mortgage, so one is able to keep the leftover cash.
How can you refinance your home mortgage?
To refinance your home mortgage, you can go to a bank or credit union with the proper paperwork from your original mortgage and ask for refinance. There's usually fees involved, but if you need to, you can.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Does a rider to a Deed of Trust or Mortgage replace the Deed of Trust or Mortgage?
No. A rider adds to the document, and perhaps changes some of the original provisions.
