[hiknapster]

Originally Posted by stpeteguy

I'm not worried about my credit. Not at all.

I've tried the loan modifications, but was turned down because i'm not behind on my payments.

Well...

There are so many options out there, right now. It's not like it was 2 years ago. Walking away seems silly. And because of $60,000? That's peanuts.

If you are making a business decision you need to look at your choices and consequences. It seems like you have your mind made up when you really don't understand your options.

[chopchop0]

Originally Posted by hiknapster

Well...

There are so many options out there, right now. It's not like it was 2 years ago. Walking away seems silly. And because of $60,000? That's peanuts.

If you are making a business decision you need to look at your choices and consequences. It seems like you have your mind made up when you really don't understand your options.

Depends on the overall relation of the $60K to the OP's equity in the house, and his overall financial status. If he can rent for dirt cheap and won't be buying anytime soon (and won't have a need for CREDIT anytime soon), it may be something to look into.

[SLCPUNK]

Originally Posted by stpeteguy

yes, it is all about me. Sorry

Now, read what I said originally. I'm not interested in peoples morality judgements.

Too bad pal. You're screwing the rest of us who are paying our mortgages. If you lost your job or became sick I'd be totally empathetic. But you shyt on your neighbors by doing this and only compound the problem down here.

I wouldn't say a strategic default is too intelligent anyway since you're only 60k underwater. I'd bet that the cost of lousy credit over the span of 7-10 years will easily exceed 60k.

Ultimately you'll stick us with the bill up front, but you're only screwing yourself more on the back end of the deal.

[stpeteguy]

Originally Posted by hiknapster

Well...

There are so many options out there, right now. It's not like it was 2 years ago. Walking away seems silly. And because of $60,000? That's peanuts.

.

I've read that from several people on here. $60K may not be much money to some of you, but to a lot of us, it's a whole lot of money.

It's all relative to what you earn and your financial situation.

[stpeteguy]

Originally Posted by EclecticTastes

Deed in lieu of foreclosure?

.

what does that mean?

[justNancy]

Rule #1: Don't ever post on a board and say "don't judge me."

[EclecticTastes]

Deed in lieu of foreclosure. Basically you agree to give the bank the deed to the house and in return they agree not to foreclose on you. The advantage to the bank is that they avoid the expense of the foreclosure process. The advantage to you is that they agree to let you walk away with no further repercussions beyond what you negotiate with them.

This will damage your credit, but not as much as a foreclosure. To the best of my understanding, forgiven debt is not taxable on your primary residence or if you can establish to the IRS that you are insolvent. Otherwise, forgiven debt is taxable income.

[stpeteguy]

Originally Posted by EclecticTastes

Deed in lieu of foreclosure. Basically you agree to give the bank the deed to the house and in return they agree not to foreclose on you. The advantage to the bank is that they avoid the expense of the foreclosure process. The advantage to you is that they agree to let you walk away with no further repercussions beyond what you negotiate with them.

This will damage your credit, but not as much as a foreclosure. To the best of my understanding, forgiven debt is not taxable on your primary residence or if you can establish to the IRS that you are insolvent. Otherwise, forgiven debt is taxable income.

Thanks for the info. I will look into it.

[Coconut1]

Just an FYI to correct something previously said on this thread, FL is a non-recourse state, not a recourse one.

As for your situation, all I'll say is good luck to you with whatever you do.

[gypsychic]

Non-Recourse and Recourse States List

A little more info.

However, I have found other sites that state Florida is a recourse state, including blogs by attorneys, so I guess an attorney would need to be consulted. I do actually think this is a recourse state, and that they could pursue you for deficiency if they want to.