“I am looking for some advice. I bought in 09/2004 with a 0 down, 5 year ARM I/O loan. The same townhome that I paid 400k is now going for 300k.”
“My only hope is to keep paying and wait for the government to do something.”
So after taking on a wildly speculative and risky loan based on the fraudulent premise that you could afford to make the promised payments on such a mortgage product and contributing to the astronomical run up in real estate prices which prevented me from purchasing any kind of home to live in under any reasonable terms, you now
want me to also help pay to clean up after your mess through government confiscation in the form of increased taxes and inflation.
All this while asking for my advice on how you can avoid any tax implications yourself?
Do I understand correctly what you’re asking?
Just want to make sure before I tell you what I think you should do.
