Sale

How can I do a lien sale without notifying the previous owner?
Q. I have had a car sitting my yard for the past two years. I know the car came from Texas but I can't get ahold of any previous owners in order to properly notify someone of a lien sale... I currently live in California, how can I go about getting a lien sale on it without notifying previous owners?
Asked by Elisabeth W - Wed Jun 17 14:33:40 2009 - - 1 Answers - 0 Comments

A. Generally speaking, you don't. Step one is to download the form and get the registered owners name, and legal owner if any. In California that would be the INF 1126, which you can get here: At least 31 days, but no more than 41 days before the sale date, fill out and submit Form 668, Notice of Pending Lien Sale for Vehicle Valued $4,000 or Less. You must send this form by registered mail to the address on the form. Anybody, including the owner, can oppose a lien sale. If your lien sale is opposed it will all go to court. The original owner will then have to pay to release the vehicle, and then sell it to you in the regular way, by transferring the title. Vehicle abandoned in fields or yards are usually not claimed using this… [cont.]
Answered by oklatom - Wed Jun 17 15:17:15 2009

How does a bank decide whether or not to approve a Short Sale?
Q. Last year I attempted to purchase a house that was up for short sale. The owner accepted my offer but the bank denied the short sale. Now the owner has stopped making payments and we are trying the short sale again. I am willing to pay the appraised value for the home. What determines whether or not the bank will give the thumbs up or down on the short sale? Is there anything I can do as the buyer to help the process go through?
Asked by Mark - Mon Feb 1 16:40:04 2010 - - 3 Answers - 0 Comments

A. When an owner applies for a short sale, they have to fill out a hardship package, which describes the reason why they can't continue owning the house due to some hardship. A hardship can be a death in the family, divorce, loss of a job, etc. And, "I owe more than the house is worth" is not a hardship. They also have to submit a list of all assets and debts. The bank then uses this to determine if they really should grant the short sale or if the owner should liquidate some other assets to make their payments. Or, maybe they will approve it, if the seller liquidates some other assets and kicks cash into escrow as a condition for the approval. Another consideration is how much the bank - and other lien holders - stand to lose by approving… [cont.]
Answered by Paul in San Diego - Mon Feb 1 16:56:23 2010

How does the wash-sale rule apply towards debit spreads' trading?
Q. I understand the implications with the wash-sale rule with stock and option's trading, but it is interesting to see how it works with debit spreads, where for example you buy one 50 December call of XXX and in the same time sell one 55 December call of XXX.
Asked by malivo - Fri May 4 15:03:59 2007 - - 3 Answers - 0 Comments

A. The wash sale rule does not apply because you have not closed a position for a loss, and when you close the spread the options you will not be replacing a position closed for a loss. However, the straddle rules do apply. See page 58 of Addendum rhsaunders is absolutely wrong is saying the straddle rules do not apply. The two positions are absolutely offsetting and the straddle rules apply. Read the definition of offsetting positions in Publication 550.
Answered by zman492 - Fri May 4 15:15:58 2007