AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question Bank foreclosed on rental property in tn. Being sued by attorney representing the bank for 7000.00. Received a 1099c from the bank 1200.00. I know the 1200.00 gets reported as income. My question is, the bank has sent a 1099c so why are we being sued for 7000.00 by the bank and going to court? Thanks
Answer Sorry for taking so long to get to this question.
I am a licensed Real Estate agent in the state of Wisconsin. I am licensed to market property, including foreclosures. Only a licensed attorney in your state can answer your question.
But let me get you pointed int he right direction. You will have to have an attorney review the actual contract you have with the lender. The contract will determine the rights the lender may have.
We have seen so many changes in the laws concerning mortgages over the past 3 months. There may be new laws to protect you, allow you to refinance and possibly help you with the reported income from the 1040C. This is where an attorney may be able pay for themselves.
I would question why the figures are different. Do they in fact represent the same debt?
I have seen lenders working with home owners over the past few months. There are plans in the works to help lower mortgages. I do not think they are available to second homes or investments. Check with the lender to see if they can help in any way.
I did check with one lender. They wanted a lot of money up front to give a home equity loan. This appears to be shadows of the past. A pert of what got these lenders into trouble in the first place.
You may want to try and sell your property. Here is an article I wrote on choosing a great Real Estate Agent.
