I'm underwater on my house. 1st mortgage $108K. 2nd mortgage $57K. I have a short sale offer pending for $107K.
If I understand correctly, any loan balance that exceeds the market value ($107K) should be listed as "unsecured portion".
So, in filling out Schedule D, I have listed 1st lien holder "amount of claim without deducting value of collateral" as $108K and "unsecured portion" as $1K.
2nd lien holder "amount of claim without deducting value of collateral" listed as $57K and "unsecured portion" as the entire $57K.
Am I doing this correctly? Anyone know from experience?
If I understand correctly, any loan balance that exceeds the market value ($107K) should be listed as "unsecured portion".
So, in filling out Schedule D, I have listed 1st lien holder "amount of claim without deducting value of collateral" as $108K and "unsecured portion" as $1K.
2nd lien holder "amount of claim without deducting value of collateral" listed as $57K and "unsecured portion" as the entire $57K.
Am I doing this correctly? Anyone know from experience?