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  • November 1, 2007 at 7:50 PM #94486
    ocean
    Participant

    ocean…..Having been in your situation in the early 90’s,I can understand your concerns.I do have to agree with porkman on this.Is a short sale a possibility?If not ,I would bite the bullet now,clean up the place and send the keys to the lien holder.One ding on your credit isnt the worst thing in life.You should be able to get another loan,a well written letter of explanation,and a meeting with the right lender does wonders.I even had lenders tell me that they had more respect for the individuals that realized they made a bad investment and decided to move on.I was able to get new loans,at market rates,but did have to pay 20% down.It did take 7 years to drop off my credit,and now the fico is 816.Throwing good $$$ after bad makes no sense to me. I learned a lot from my experiences,and now have NO debt.Just something to think about.I’m NOT suggesting to follow this couse of action,but do realize to aren’t alone,and certainly no lesser of a person because you made a bad investment.

    November 2, 2007 at 2:23 AM #94487
    Anonymous
    Guest

    2008, I don’t know 1/10th of what these guys know on here, but I do know that formersandiegan is right: it won’t be any better for you in 3 years. Yeah, you’d be looking at 100k loss in three years. It was a bad investment. You might as well get out of it now.

    Kiss it goodbye. Put a fork in it. You’re done.

    November 2, 2007 at 2:23 AM #94524
    Anonymous
    Guest

    2008, I don’t know 1/10th of what these guys know on here, but I do know that formersandiegan is right: it won’t be any better for you in 3 years. Yeah, you’d be looking at 100k loss in three years. It was a bad investment. You might as well get out of it now.

    Kiss it goodbye. Put a fork in it. You’re done.

    November 2, 2007 at 2:23 AM #94532
    Anonymous
    Guest

    2008, I don’t know 1/10th of what these guys know on here, but I do know that formersandiegan is right: it won’t be any better for you in 3 years. Yeah, you’d be looking at 100k loss in three years. It was a bad investment. You might as well get out of it now.

    Kiss it goodbye. Put a fork in it. You’re done.

    November 2, 2007 at 9:00 AM #94586
    (former)FormerSanDiegan
    Participant

    In my current situation, marriage and the combined income would definitely push me into AMT. My better half is already subject to AMT
    Being subject to AMT is not the worst problem to have. I’d rather be subject to AMT than subject to refundable credits.

    November 2, 2007 at 9:00 AM #94636
    (former)FormerSanDiegan
    Participant

    In my current situation, marriage and the combined income would definitely push me into AMT. My better half is already subject to AMT
    Being subject to AMT is not the worst problem to have. I’d rather be subject to AMT than subject to refundable credits.

    November 2, 2007 at 9:00 AM #94637
    (former)FormerSanDiegan
    Participant

    In my current situation, marriage and the combined income would definitely push me into AMT. My better half is already subject to AMT
    Being subject to AMT is not the worst problem to have. I’d rather be subject to AMT than subject to refundable credits.

    November 2, 2007 at 9:00 AM #94647
    (former)FormerSanDiegan
    Participant

    In my current situation, marriage and the combined income would definitely push me into AMT. My better half is already subject to AMT
    Being subject to AMT is not the worst problem to have. I’d rather be subject to AMT than subject to refundable credits.

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