[ByeByeMI]

We sold our home (THANK YOU LORD!!!!!) in February but had to take $20K to closing. Yes it truly sucked big time but I tell you, it is such a wonderful feeling to know we are no longer being sucked dry by rediculous taxes in MI. Question, you only have to pay the taxes if you do a short sale correct? If we paid off the difference with our own money we are ok? I know this sounds like a silly question but this is all new to us.

[trinkit]

Originally Posted by walidm

Typically you do not need to have a buyer in order to do a short sale. You will need to have the property listed with a real estate agent and be able to certify to the bank via financial documents the reasons why you cannot pay the mortgage.

The bank has final approval once they have agreed to the short sale and an offer is received. This is because it is no longer up to the seller to decide how much money they will take for the home. The bank will rely upon the market to determine the cost of the home.

Sometimes it is better to pay off a 30k note vs. damaged credit via foreclosure. Also keep in mind the seller will have to file a 1099 in order to pay the taxes on the sale.

I know from experience that some mortgage companies (Countrywide, to be exact) will not accept a short sale. We tried, as did our realtor.

[Frankawitz]

I was thinking that if I can get the money needed to move I would just keep my house here as a vacation home and just come back in the summer time. my house payment is less then $600.00 a month so it wouldn't be to bad to make that payment. But the Taxes are killing me with over $2,800 a year and now the Governor wants to raise the Income Taxes too! The Democrats need to CUT their Spending, that's all

[Adieoz]

Originally Posted by trinkit

I know from experience that some mortgage companies (Countrywide, to be exact) will not accept a short sale. We tried, as did our realtor.

This is a bit misleading. Countrywide will indeed do a short sale. The have an entire department dedicated to loss mitigation. Now, I'm not saying it is a walk at the park to get a short sale through, but it can be done.

Also, when I said earlier that you needed a buyer to complete a short sale, it was a matter of praticality. In my experience, if a loss mitigator is working on 200-300 hundred files (because remember to them they are only files and assets, not actual people and houses) you will not get so much as a call back unless you at least have an offer for them to review.

[Mi_Mom]

Originally Posted by snow4461

I live in the South west corner of Michigan, ( by the Indiana line and lake Mich ) Our housing is the same way here. My husband also has trouble finding a job, he was in tool and die,smae job for 8 yrs. he decided at 42 to go to school and prusu his dream of airplains, so he is in Indy, he is school full time and working there too, no promblems finding a jon there either. His resume was great though. We are planning on moving when he is done with school in 2 yrs. OUT of Michigan, my kids have all graduated and we have one left in school I feel that she could get a better education somewhere else as our school is having major issues. We too have our home up for sale, although I dont excpect anyone soon.It is a beautifull place to live but we have been really checking the rest of the country and there are areas like ours but more that are not, better jobs, homes and education. I hate to leave but we have stuggled too long. by the way most of our friends husbands work out of state, and come home on weekends.

Similar situation here. We just relocated to north of Indy due to economy and work issues in Michigan. Such a tough road ahead for a lot of people. Not all, but a lot. We are still trying to button things up there but the economy down here feels so different. It's been a while since I've felt the same in MI. I miss home and someday would like to own a place back up there. Just can't do it right now.

[MichiganTrap]

We were considering any options - like 'cash for keys', short sale, etc. just to get out. We were told that both of those situations would blemish your credit. Is that true? A lot of people are telling us to just walk away because it is only going to get worse.

Pretty sad.

[bill h]

man i feel good now, my job in mi. is secure, and i saw the direction the state was going about 4 yrs ago, so i sold my house, and bought a small condo for cash, figured the condo in the long run would be cheaper than rent, bought it with the idea of losing 20k or more on it. bad to live in a state where you go into buying a home, taking into consideration, how much your going to lose on the resale.

[Br1234]

Maybe next year Grandmole can give those of us trying to get out another big kick in the BA**S and raise the sale/transfer tax on property.

[Br1234]

Originally Posted by Frankawitz

I was thinking that if I can get the money needed to move I would just keep my house here as a vacation home and just come back in the summer time. my house payment is less then $600.00 a month so it wouldn't be to bad to make that payment. But the Taxes are killing me with over $2,800 a year and now the Governor wants to raise the Income Taxes too! The Democrats need to CUT their Spending, that's all

Remember if your not living in it you can't claim the homestead exemption and your taxes will go up. Based on the prop. tax you pay now (~$190K home), I would guess you can expect to pay around $4500.

[bill h]

besides coming back here, would be more of a nightmare, than a vacation.