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  • April 18, 2008 at 6:39 AM #189520
    Alex_angel
    Participant

    That’s what he’s hoping for. The RE agent is going to use his hardship as a reason. Since he lost his job and has been losing money on renting it out he hopes the banks might have some mercy. I agree. Why even bother with the short sale. You still get a credit ding anyways. I told him to just stop making payments and let the Bush bailout work in his advantage.

    April 18, 2008 at 3:23 PM #189899
    noone
    Participant

    I don’t think there is a credit ding when you do do a short sale. If your credit were affected then there would be no point.

    The amount of the loan that is forgiven does count as income. Previously this was taxable, but the way to take advantage of the bailout programs is that this income is non-taxable now. So by all means, he should try for the short sale before just walking away.

    April 18, 2008 at 3:23 PM #189919
    noone
    Participant

    I don’t think there is a credit ding when you do do a short sale. If your credit were affected then there would be no point.

    The amount of the loan that is forgiven does count as income. Previously this was taxable, but the way to take advantage of the bailout programs is that this income is non-taxable now. So by all means, he should try for the short sale before just walking away.

    April 18, 2008 at 3:23 PM #189951
    noone
    Participant

    I don’t think there is a credit ding when you do do a short sale. If your credit were affected then there would be no point.

    The amount of the loan that is forgiven does count as income. Previously this was taxable, but the way to take advantage of the bailout programs is that this income is non-taxable now. So by all means, he should try for the short sale before just walking away.

    April 18, 2008 at 3:23 PM #189958
    noone
    Participant

    I don’t think there is a credit ding when you do do a short sale. If your credit were affected then there would be no point.

    The amount of the loan that is forgiven does count as income. Previously this was taxable, but the way to take advantage of the bailout programs is that this income is non-taxable now. So by all means, he should try for the short sale before just walking away.

    April 18, 2008 at 3:23 PM #189965
    noone
    Participant

    I don’t think there is a credit ding when you do do a short sale. If your credit were affected then there would be no point.

    The amount of the loan that is forgiven does count as income. Previously this was taxable, but the way to take advantage of the bailout programs is that this income is non-taxable now. So by all means, he should try for the short sale before just walking away.

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