New: When does it make financial sense to dump my house?

[SD Realtor]

You can call the lender. Think of it like this. Anyone that the realtor talks to, you talk to. Also one thing that I did was every time I made a call to the lender I logged it, got the employees name and number and would send it to my clients. I did this more for my own protection then anything. There were times where I sent faxes into the lender 4 and 5 times before they somehow, “found” what I was trying to send them.

Your realtor should have passed on to you a list of items that the short sale lender has demanded. I would hope that this entire package accompanied the offer that was sent in.

As you are very early in the process, what you should be assigned a negotiator HOWEVER a negotiator probably will not be assigned until that package is complete. Now there is NOTHING from stopping you from calling your lender or servicing organization and checking on how things are going. Did they receive the ENTIRE package, when was the last time your realtor called them, has it been assigned a negotiator, if not when… etc…

Empower yourself.

[Vishon]

One question about OP’s calculation. The tax saving of $900/month, is that before or after the property tax paid?

For the purchase price of $424k, at 1%, the property tax is $4240 or $353/month.

The tax saving should be corrected accordingly.

V

[Vishon]

One question about OP’s calculation. The tax saving of $900/month, is that before or after the property tax paid?

For the purchase price of $424k, at 1%, the property tax is $4240 or $353/month.

The tax saving should be corrected accordingly.

V

[Vishon]

One question about OP’s calculation. The tax saving of $900/month, is that before or after the property tax paid?

For the purchase price of $424k, at 1%, the property tax is $4240 or $353/month.

The tax saving should be corrected accordingly.

V

[Vishon]

One question about OP’s calculation. The tax saving of $900/month, is that before or after the property tax paid?

For the purchase price of $424k, at 1%, the property tax is $4240 or $353/month.

The tax saving should be corrected accordingly.

V

[Vishon]

One question about OP’s calculation. The tax saving of $900/month, is that before or after the property tax paid?

For the purchase price of $424k, at 1%, the property tax is $4240 or $353/month.

The tax saving should be corrected accordingly.

V

[Rt.66]

Brian, you’ll get good advice here (as you can see), another source on this matter I highly recommend is Mish’s site.

http://globaleconomicanalysis.blogspot.com/
He has covered to the topic several times and looks at it in a purely business fashion.

Search the site for “strategic default” and “walking away” posts.

The remarks in his comments pages will probably be of great interest to you. He has some really smart members too.

[Rt.66]

Brian, you’ll get good advice here (as you can see), another source on this matter I highly recommend is Mish’s site.

http://globaleconomicanalysis.blogspot.com/
He has covered to the topic several times and looks at it in a purely business fashion.

Search the site for “strategic default” and “walking away” posts.

The remarks in his comments pages will probably be of great interest to you. He has some really smart members too.

[Rt.66]

Brian, you’ll get good advice here (as you can see), another source on this matter I highly recommend is Mish’s site.

http://globaleconomicanalysis.blogspot.com/
He has covered to the topic several times and looks at it in a purely business fashion.

Search the site for “strategic default” and “walking away” posts.

The remarks in his comments pages will probably be of great interest to you. He has some really smart members too.

[Rt.66]

Brian, you’ll get good advice here (as you can see), another source on this matter I highly recommend is Mish’s site.

http://globaleconomicanalysis.blogspot.com/
He has covered to the topic several times and looks at it in a purely business fashion.

Search the site for “strategic default” and “walking away” posts.

The remarks in his comments pages will probably be of great interest to you. He has some really smart members too.

[Rt.66]

Brian, you’ll get good advice here (as you can see), another source on this matter I highly recommend is Mish’s site.

http://globaleconomicanalysis.blogspot.com/
He has covered to the topic several times and looks at it in a purely business fashion.

Search the site for “strategic default” and “walking away” posts.

The remarks in his comments pages will probably be of great interest to you. He has some really smart members too.

[PatentGuy]

Brian,

Are you attempting to get the lender to let you off the hook for the $100K as part of the short sale process, even though (as you point out) you now have a recourse loan?

Based on your post, I assume you have the ability to pay the balance (even if over time) if you chose to. I’m not advocating that you do, I’m just curious as to whether your lender will “go after you” (whatever form that takes) for the unpaid balance. Since it is a short sale, and not a foreclosure, they may have a long SOL before you are “free and clear” from the debt. Plus, who knows what document they will spring on you to sign as a condition of closing.

This is not legal advice, just speculation.

Good luck to you.

[PatentGuy]

Brian,

Are you attempting to get the lender to let you off the hook for the $100K as part of the short sale process, even though (as you point out) you now have a recourse loan?

Based on your post, I assume you have the ability to pay the balance (even if over time) if you chose to. I’m not advocating that you do, I’m just curious as to whether your lender will “go after you” (whatever form that takes) for the unpaid balance. Since it is a short sale, and not a foreclosure, they may have a long SOL before you are “free and clear” from the debt. Plus, who knows what document they will spring on you to sign as a condition of closing.

This is not legal advice, just speculation.

Good luck to you.

[PatentGuy]

Brian,

Are you attempting to get the lender to let you off the hook for the $100K as part of the short sale process, even though (as you point out) you now have a recourse loan?

Based on your post, I assume you have the ability to pay the balance (even if over time) if you chose to. I’m not advocating that you do, I’m just curious as to whether your lender will “go after you” (whatever form that takes) for the unpaid balance. Since it is a short sale, and not a foreclosure, they may have a long SOL before you are “free and clear” from the debt. Plus, who knows what document they will spring on you to sign as a condition of closing.

This is not legal advice, just speculation.

Good luck to you.

[PatentGuy]

Brian,

Are you attempting to get the lender to let you off the hook for the $100K as part of the short sale process, even though (as you point out) you now have a recourse loan?

Based on your post, I assume you have the ability to pay the balance (even if over time) if you chose to. I’m not advocating that you do, I’m just curious as to whether your lender will “go after you” (whatever form that takes) for the unpaid balance. Since it is a short sale, and not a foreclosure, they may have a long SOL before you are “free and clear” from the debt. Plus, who knows what document they will spring on you to sign as a condition of closing.

This is not legal advice, just speculation.

Good luck to you.

[Author]

Posts