Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We need consider short selling a property that is has a high mortgage. I've read a little bit about how to approach and mortgage company via their loss mitigation dept. and getting a "packet" and writing and hardship lettter, but I'm hoping that someone could share an experience or two with me.
We owe 74K on the property but it's only worth maybe 55K, or at least it may only sell for that much.
My experience is that if you have the assets or means to pay the mortgage the bank will not work with you. They don't care if it's worth less than what the mortgage is.
We owe 74K on the property but it's only worth maybe 55K, or at least it may only sell for that much.
If you do a short sale, I believe the bank will send you a 1099 on the difference. In this case, you would have an additional $19k of income and pay taxes accordingly.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
