Menu

Home › Forums › Housing › Oops California did it again.

Viewing 15 posts - 61 through 75 (of 81 total)
1 2 3 4 5 6
  • Author
    Posts
  • February 22, 2009 at 10:06 PM #352395
    SD Realtor
    Participant

    Good questions flu. Nothing dumb or ignorant about them from where I sit.

    I am not an accountant but I believe the Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

    Check with your accountant!!!

    I think the limit is 2M.

    ******************************

    So if all things are equal and there is not a taxable event it seems to me it then does boil down to which act will hurt your credit worthiness more in the future. To be perfectly honest I am simply not expert enough to give you a good answer on that one.

    In both cases, the short sale verses the foreclosure you essentially can live for free.

    Anyways, it is hard to select when talking about other intangibles. I rented out my crown point condo to someone who lost her home to foreclosure. Have not had any problems at all. I am not sure if other landlords would give the not to a tenant that lost the home to foreclosure verses a short sale.

    Again though, the bigger question is what hammers the credit rating harder.

    February 23, 2009 at 7:14 AM #352937
    scaredyclassic
    Participant

    no one in the universe NEEDS to buya house this spring or ever. stuff like this should make any intelligent person say, hold on, 3 month time out. whenever youw ere thinking about buying, push it back 3 plus months. the pool of dumb buyers has to be growing smaller, so the help this might have in aiding sales has got to be lower than it was than when the pool of fools was larger. i think. i dont know….

    February 23, 2009 at 7:14 AM #352806
    scaredyclassic
    Participant

    no one in the universe NEEDS to buya house this spring or ever. stuff like this should make any intelligent person say, hold on, 3 month time out. whenever youw ere thinking about buying, push it back 3 plus months. the pool of dumb buyers has to be growing smaller, so the help this might have in aiding sales has got to be lower than it was than when the pool of fools was larger. i think. i dont know….

    February 23, 2009 at 7:14 AM #352495
    scaredyclassic
    Participant

    no one in the universe NEEDS to buya house this spring or ever. stuff like this should make any intelligent person say, hold on, 3 month time out. whenever youw ere thinking about buying, push it back 3 plus months. the pool of dumb buyers has to be growing smaller, so the help this might have in aiding sales has got to be lower than it was than when the pool of fools was larger. i think. i dont know….

    February 23, 2009 at 7:14 AM #352968
    scaredyclassic
    Participant

    no one in the universe NEEDS to buya house this spring or ever. stuff like this should make any intelligent person say, hold on, 3 month time out. whenever youw ere thinking about buying, push it back 3 plus months. the pool of dumb buyers has to be growing smaller, so the help this might have in aiding sales has got to be lower than it was than when the pool of fools was larger. i think. i dont know….

    February 23, 2009 at 7:14 AM #353069
    scaredyclassic
    Participant

    no one in the universe NEEDS to buya house this spring or ever. stuff like this should make any intelligent person say, hold on, 3 month time out. whenever youw ere thinking about buying, push it back 3 plus months. the pool of dumb buyers has to be growing smaller, so the help this might have in aiding sales has got to be lower than it was than when the pool of fools was larger. i think. i dont know….

    February 23, 2009 at 9:39 AM #352881
    ibjames
    Participant

    yeah.. learning about this is going to make me push out my search also..

    February 23, 2009 at 9:39 AM #353144
    ibjames
    Participant

    yeah.. learning about this is going to make me push out my search also..

    February 23, 2009 at 9:39 AM #353043
    ibjames
    Participant

    yeah.. learning about this is going to make me push out my search also..

    February 23, 2009 at 9:39 AM #353012
    ibjames
    Participant

    yeah.. learning about this is going to make me push out my search also..

    February 23, 2009 at 9:39 AM #352569
    ibjames
    Participant

    yeah.. learning about this is going to make me push out my search also..

    February 25, 2009 at 1:34 AM #354408
    wannabe2077
    Participant

    why not shorten the foreclosure process and get everything over it ?

    February 25, 2009 at 1:34 AM #354719
    wannabe2077
    Participant

    why not shorten the foreclosure process and get everything over it ?

    February 25, 2009 at 1:34 AM #354852
    wannabe2077
    Participant

    why not shorten the foreclosure process and get everything over it ?

    February 25, 2009 at 1:34 AM #354881
    wannabe2077
    Participant

    why not shorten the foreclosure process and get everything over it ?

  • Author
    Posts
Viewing 15 posts - 61 through 75 (of 81 total)
1 2 3 4 5 6
  • You must be logged in to reply to this topic.