We are interviewing an accountant next week and I’ll be sure to post a link…but from what I understand the 1099 doesn’t have to be issued until tax time. You know how you get your tax document at the end of the year or beginning of the new year…well from what I understand, it’s the same thing. But since I do not know for sure, I will find out definitively for you. But one thing is for sure..don’t assume that it’s lost.

While they may be real good at losing notes, they are pretty good about IRS guidelines.

They don’t even know the difference between the two documents. When we perform short sales, as we also teach our clients, you MUST get full release AND satisfaction or you really have not done a short sale at all.

I appreciate your comment but please make sure to actually read what we write! Anything to the contrary leaves you with FootusInusMouthus disease!

Thanks for the kind words. You are right, I am not an attorney and I am in Florida so please make sure to check with a Nevada attorney on this matter.

That being said, if you are not on the title, and not on the loan then you have no obligation on any note that your husband is the borrower on. So if you can qualify for a mortgage on your own, you most assuredly can make your own purchase. However here is where the problem may come in and where I really can’t say for sure what goes in in Nevada.

That is to say, I don’t know how your State views the marital household. This is a bit tricky. States like Florida have very different laws regarding the homestead of a residence. I would be wrong to offer you advice on the marital home of a couple in Nevada. You definitely want to contact an attorney out there. In the interim, I will email your question to an attorney I know in Nevada and get his response.

Once I have his response I will email you and post it here. Thanks for the great question!

You seem to have a lot of knowledge. I realize you are not a lawyer, but maybe you can help. I live in Nevada. My husband purchased a home prior to us being married. It is now between $100K-$140K below value (half the value of the house), depending on who you talk to. I am not on the loan, title, or in any way connected to the house, other than being married to him. Our mortgage company will not help us with a loan modification that will help us enough, and it appears our options are short sale or foreclosure. I have pretty good credit and an income of my own. We do however, share our checking account, making it difficult to show what money is whose. My question is this: can I legally purchase a home for us to live in while short selling his house? Can the new house be considered an asset toward the debt of the old house? Could the money used to purchase the new home be considered money that could have been used to pay the previous mortgage? (It is worth mentioning that the mortgage company would not speak with us until we were behind, so we made the tough decision to not pay our bill.) Please help! Thanks!

Here’s your first problem. You have a Realtor playing lawyer drafting a document that is wholly wrong. You said the document read in part as follows: “the contract is contingent upon Sellers Lenders (and all lein (sic) holders) approval of this purchase” … unless you have sold the house to the bank this is wrong. The bank HAS ABSOLUTELY NO RIGHT TO APPROVE THE PURCHASE!!

As we have said many, many times. A short sale is just like a conventional sale. The only thing different is that in requesting the payoff we are asking the bank to take less. Payoffs are always requested in ever deal (where the seller has a mortgage)..we just want them to take less.

So the only thing we are asking the bank to do is to approve the reduction in their payoff. Who in their right mind would give the bank power to approve or disapprove the purchase!

However, this particular agent did understand to request a full release AND satisfaction of the mortgage, which is vitally important. Once the satisfaction is in hand AND filed in the County records you CAN NOT be subject to a deficiency judgment.

But you had be absolutely sure that you have a release and satisfaction filed. If you need an attorney with specific knowledge of this subject matter, please let me know and we’ll put you in contact with somebody.

Thanks again for keeping this open..
I have asked questions in the past concerning short sales.. I recently got an offer on a short term rental single family home in Orlando area. We owe Chase $216K, the offer is for $175K. My Realtor sent the contract for review and signatures. I asked for a contingency concerning “full release”. She sent a Short Sale Addendum for me to sign. The buyer has signed. Point #1 on this addendum is concerning Approval of Lender. This point says the contract is contingent upon Sellers Lenders (and all lein holders) approval of this purchase. It goes on to state that the lender agrees to accept a payoff which is less than balance and will grant release and satisifaction of the mortgage.
This looks like standard wording. Have you seen Chase accept something like and grant the full release? Is there something else I should be asking for? I will be having an attorney go over everything. I am in Illinois, the house is in Florida. Thanks.