who has been through a short sale?

[TampaKaren]

Com, best of luck to you sincerely. If you haven't already, please look at the IRS information, too. There is currently no legislation to require the lender to issue the 1099-C in the same year of the sale and it's causing lots of problems.

[DowntownVentura]

ComSense
I am sure you have the best short sale realtor however, I will point out that he is only interested in selling your condo short. He doesn't make any money on your other options. Therefore, he may steer you toward selling short when something else might be better.

As an example, there are tax deductions available should you keep it as a rental that will soften the sting of the $800/month shortfall.

There are lease to buy options that might net you some cash now.

There are loan modifications available.

None of those will net your short sale expert realtor one thin dime and he already has arguments on why they won't work.

Good luck ComSense, I hope it works out the way that is best for you

[StreetSmarts]

[quote=DowntownVentura;12679385]ComSense
I am sure you have the best short sale realtor however, I will point out that he is only interested in selling your condo short. He doesn't make any money on your other options. Therefore, he may steer you toward selling short when something else might be better. that's very true.

As an example, there are tax deductions available should you keep it as a rental that will soften the sting of the $800/month shortfall. Do you know how much it could soften it? $800/mo is a lot of money!

There are lease to buy options that might net you some cash now. Looked into that but the problem is, in say, 3 yrs our house will still be worth a lot less than what we owe, so how is someone going to be able to buy our house at an agreed upon price if it wont even be worth that amount in 3 yrs.

There are loan modifications available. We have tried for about 6 months, and couldnt get the banks to help us out. Still looking into it though possibly.

None of those will net your short sale expert realtor one thin dime and he already has arguments on why they won't work.

Good luck ComSense, I hope it works out the way that is best for you Thank you

[adolpho]

Originally Posted by ComSense

Hi, we have a great realtor certified in short sales.

my score went from 767 to 697 because I simply cancelled a JPM Visa Card, that I was never one penny late on. I think there is a lotr of misrepresentation of the damage done by a shortsale.

[StreetSmarts]

^^^ That's pretty strange. Are you saying short sales hurt credit very badly or maybe not as much as one might think? I've cancelled credit cards before and credit score wasnt affected at all.

[adolpho]

it's gonna hurt a lot more than they say. I monitor my credit very closely with www.creditkarma.com it's 100% free.