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the car was probably bought on credit just like the house--most people rarely pay cash for either...
but I agree there is sense of entitlement--which is why many people bought homes they could not realistically afford
and the people who are selling these items also have a sense of entitlement that allows them to take advantage of people when they know there is no hope that person can really afford that purchase...
A short sale doesn't have to hurt your credit. I'm about to close a short sale deal where the seller never missed a payment. They needed to move, and the only way they could sell was by way of a short sale. The bank considered it, and approved it. It's best to check with your tax professional, though, just to be sure.
Are you sure about not hurting your credit with a short sale. At the best, it mortgage forgiveness will show up on their credit report as something along the line, "debt legally paid off for less than full amount" Still looks horrible to potential future lenders.
the car was probably bought on credit just like the house--most people rarely pay cash for either...
but I agree there is sense of entitlement--which is why many people bought homes they could not realistically afford
and the people who are selling these items also have a sense of entitlement that allows them to take advantage of people when they know there is no hope that person can really afford that purchase...
I guess you are correct. I purchase my cars in cash. Although my last BMW I got a 63 month loan but I paid it off in 8 months because I paying more in interest (4.8%) than I could be keeping the money in the bank or investing (the best interest rate I can get these days 2% in money markets and the stock markets are so volatile these days).
The credit markets are forever changed because of this housing mess. It hurts financially responsible borrowers the most.
Maybe the co-owner is not in a position or doesn't want to sell. Why should they have to cough up cash because the OP needs to get out?
Because if home is co-owned and one owner wants out, situation can become messy, especially for an underwater mortgage.
If OP wants out, they will force the sell by the co owner no matter if he/she wants to object, or else co owner ends up payjng for entire property or the home sinks into foreclosure.
Good luck trying to sue the fellow co owner because it make not be cost effective to sue someone who does nit have much money and in the end lawyer fees will cost 5k-10k in real estate cases.
Thanks all!
Me & co owner are on cool terms. No prob there.
To the non American, no comment. (cause it would get me banned. )
Renting is fer shur a good option, but a short sale is as well.
To the person who said it doesn't affect your credit if no payments are missed: Can you please elaborate?
Thank you!
A short sale absolutely affects your credit. The impact may not be as bad if you've never missed payments. If you have missed payments, a short sale generally affects your credit as bad as a foreclosure does.
Keep in mind, your bank has to agree to a short sale. Why would they agree to a short sale when you're able to make your payments? Do you think they will just love the idea of taking less for the house than what you owe?
You're kidding right? You think someone will assume your $148k mortgage when it's worth $100k? Is this a joke? Am I on Punk'd?
Are YOU a joke???
Ummmmm - maybe because someone is owning a house without putting anything DOWN & will end up with all the equity when the market goes back up - which it obviously will & if you don't know that please step away from your computer - NOW... Thank you.
And, ummm, just because I was making payments doesn't mean I'm not struggling too.
If you read the original post, the co owner no longer lives here.
And in case you haven't noticed, the economy is not quite what it was & jobs are cuttings hours...
Do you live in a box?
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