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Old 06-02-2009, 11:45 PM
 
88 posts, read 261,773 times
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Thank you to everyone for the advice- I greatly appreciate it!
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Old 07-02-2009, 04:38 AM
 
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If you don't have mortgage insurance such as an FHA loan, you will have to consider that you may have to pay taxes on the difference between your short sale and the amount owed on your mortgage as income. You may want to negotiate that with your new employer.
Otherwise, I would suggest renting out your home and waiting until the market picks up. That will give you all sorts of opportunities in the future.
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Old 07-02-2009, 09:46 PM
 
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Otherwise, I would suggest renting out your home and waiting until the market picks up.


I respectfully have to disagree with this statement. It is going to be YEARS before this housing market recovers. Is it practical to rent your house out that long? I don't think people realize the length it is going to take for a turn around.
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Old 07-03-2009, 03:02 AM
 
1,121 posts, read 3,107,967 times
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Quote:
Originally Posted by mmoorecharlotte View Post
Otherwise, I would suggest renting out your home and waiting until the market picks up.


I respectfully have to disagree with this statement. It is going to be YEARS before this housing market recovers. Is it practical to rent your house out that long? I don't think people realize the length it is going to take for a turn around.
I am planning to do just that. Fortunately, my mortage payment including impounds is just a little less than the market demands in my area for rent.
Why should I throw away a good property when a little patience will pay off in the end. Fortunately, I have the resources to purchase my next home for cash in this depressed market. I realize not everyone is in this position. Twice in my life I have sold properties in California for nothing only to realize if I had waited a couple of years I could have cashed in. This is my last chance in life so this time I am going to wait.
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