Menu

Home › Forums › Closed Forums › Buying and Selling RE › Short Sale vs. Foreclosure

Viewing 15 posts - 16 through 30 (of 46 total)
1 2 3 4
  • Author
    Posts
  • March 9, 2009 at 9:16 PM #363750
    urbanrealtor
    Participant

    bump

    because I get asked this question a lot

    March 9, 2009 at 11:31 PM #363232
    SD Realtor
    Participant

    You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.

    March 9, 2009 at 11:31 PM #363523
    SD Realtor
    Participant

    You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.

    March 9, 2009 at 11:31 PM #363677
    SD Realtor
    Participant

    You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.

    March 9, 2009 at 11:31 PM #363716
    SD Realtor
    Participant

    You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.

    March 9, 2009 at 11:31 PM #363826
    SD Realtor
    Participant

    You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.

    March 10, 2009 at 12:26 PM #363333
    Doofrat
    Participant

    Thanks for the comments!
    So if somebody gets foreclosed on, they basically have to rent for over 5 years (oh the horror!!! )?

    March 10, 2009 at 12:26 PM #363623
    Doofrat
    Participant

    Thanks for the comments!
    So if somebody gets foreclosed on, they basically have to rent for over 5 years (oh the horror!!! )?

    March 10, 2009 at 12:26 PM #363778
    Doofrat
    Participant

    Thanks for the comments!
    So if somebody gets foreclosed on, they basically have to rent for over 5 years (oh the horror!!! )?

    March 10, 2009 at 12:26 PM #363816
    Doofrat
    Participant

    Thanks for the comments!
    So if somebody gets foreclosed on, they basically have to rent for over 5 years (oh the horror!!! )?

    March 10, 2009 at 12:26 PM #363927
    Doofrat
    Participant

    Thanks for the comments!
    So if somebody gets foreclosed on, they basically have to rent for over 5 years (oh the horror!!! )?

    March 11, 2009 at 3:37 PM #364148
    92027_guy
    Participant

    IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.

    UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.

    FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.

    March 11, 2009 at 3:37 PM #364435
    92027_guy
    Participant

    IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.

    UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.

    FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.

    March 11, 2009 at 3:37 PM #364594
    92027_guy
    Participant

    IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.

    UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.

    FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.

    March 11, 2009 at 3:37 PM #364628
    92027_guy
    Participant

    IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.

    UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.

    FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.

  • Author
    Posts
Viewing 15 posts - 16 through 30 (of 46 total)
1 2 3 4
  • The forum ‘Buying and Selling RE’ is closed to new topics and replies.