- 3 -
intended to foreclose on the loan and suggested that they contact
a real estate broker to arrange a short sale.3
On June 23, 2003, petitioners sold the house for $68,500.
They incurred and paid settlement costs and taxes totaling
$1,954.50, paid the total $61,615.50 balance outstanding on the
first mortgage, and paid $1,500 of the total $40,775 balance
outstanding on the second mortgage. Citibank forgave the
remaining $39,275 outstanding on the second mortgage.
Petitioners’ records show that petitioners’ assets and
liabilities before the sale of the house were as follows:
Assets Totals
House $68,500
Blazer 25,000
Cash accounts 1,068
Investments -0-
Jewelry 1,500
Computer 400
Furniture/appliances 2,000
CSRS pension NA
Thrift savings account NA
3A short sale in real estate occurs when the outstanding
loans against a property are greater than what the property is
worth and the lender agrees to accept less than it is owed to
permit a sale of the property which secures its note.
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Last modified: May 25, 2011