Tax Implications of “Walking Away”?

[The OC Scam]

Basically what SD Realtor is saying here is you need squat and consider jacking the place up, sell all the copper etc…live it up!!! have a beer,, bbq..invite us all…party..go out in style

[Dotherightthing]

SD Realtor,

I agree that from a logic perspective it does make sense to throw in the towel earlier than later. Especially since I have attempted numerous times to speak with my lender about working something out, and each time they tell me that there is nothing they can do. My only hope is to keep paying and wait for the government to do something.

[Dotherightthing]

SD Realtor,

I agree that from a logic perspective it does make sense to throw in the towel earlier than later. Especially since I have attempted numerous times to speak with my lender about working something out, and each time they tell me that there is nothing they can do. My only hope is to keep paying and wait for the government to do something.

[Dotherightthing]

SD Realtor,

I agree that from a logic perspective it does make sense to throw in the towel earlier than later. Especially since I have attempted numerous times to speak with my lender about working something out, and each time they tell me that there is nothing they can do. My only hope is to keep paying and wait for the government to do something.

[Dotherightthing]

SD Realtor,

I agree that from a logic perspective it does make sense to throw in the towel earlier than later. Especially since I have attempted numerous times to speak with my lender about working something out, and each time they tell me that there is nothing they can do. My only hope is to keep paying and wait for the government to do something.

[Dotherightthing]

SD Realtor,

I agree that from a logic perspective it does make sense to throw in the towel earlier than later. Especially since I have attempted numerous times to speak with my lender about working something out, and each time they tell me that there is nothing they can do. My only hope is to keep paying and wait for the government to do something.

[SD Realtor]

“My only hope is to keep paying and wait for the government to do something.”

Gotcha, I understand. With the new party coming into power I think you will have a fair shot at that happening.

[SD Realtor]

“My only hope is to keep paying and wait for the government to do something.”

Gotcha, I understand. With the new party coming into power I think you will have a fair shot at that happening.

[SD Realtor]

“My only hope is to keep paying and wait for the government to do something.”

Gotcha, I understand. With the new party coming into power I think you will have a fair shot at that happening.

[SD Realtor]

“My only hope is to keep paying and wait for the government to do something.”

Gotcha, I understand. With the new party coming into power I think you will have a fair shot at that happening.

[SD Realtor]

“My only hope is to keep paying and wait for the government to do something.”

Gotcha, I understand. With the new party coming into power I think you will have a fair shot at that happening.

[waterboy]

It could be 5-10 years before that place has any equity after any sale/transaction fees. If you can barely come up with the current overall payment and if it takes a miracle plan by the government to give out another 5yr low rate plan to all the troubled arm holders, then the decision shouldn’t be that tough.

If you got in over your head, then you got in over your head and their is not much you can do except learn from it. Talk to a CPA about tax implications, check to make sure it is non recourse, feel bad for a moment, then seriously consider walking away now. From what I hear it takes at least 3-6 months after stopping payments to get people out of their homes, so plan accordingly.

[waterboy]

It could be 5-10 years before that place has any equity after any sale/transaction fees. If you can barely come up with the current overall payment and if it takes a miracle plan by the government to give out another 5yr low rate plan to all the troubled arm holders, then the decision shouldn’t be that tough.

If you got in over your head, then you got in over your head and their is not much you can do except learn from it. Talk to a CPA about tax implications, check to make sure it is non recourse, feel bad for a moment, then seriously consider walking away now. From what I hear it takes at least 3-6 months after stopping payments to get people out of their homes, so plan accordingly.

[waterboy]

It could be 5-10 years before that place has any equity after any sale/transaction fees. If you can barely come up with the current overall payment and if it takes a miracle plan by the government to give out another 5yr low rate plan to all the troubled arm holders, then the decision shouldn’t be that tough.

If you got in over your head, then you got in over your head and their is not much you can do except learn from it. Talk to a CPA about tax implications, check to make sure it is non recourse, feel bad for a moment, then seriously consider walking away now. From what I hear it takes at least 3-6 months after stopping payments to get people out of their homes, so plan accordingly.

[waterboy]

It could be 5-10 years before that place has any equity after any sale/transaction fees. If you can barely come up with the current overall payment and if it takes a miracle plan by the government to give out another 5yr low rate plan to all the troubled arm holders, then the decision shouldn’t be that tough.

If you got in over your head, then you got in over your head and their is not much you can do except learn from it. Talk to a CPA about tax implications, check to make sure it is non recourse, feel bad for a moment, then seriously consider walking away now. From what I hear it takes at least 3-6 months after stopping payments to get people out of their homes, so plan accordingly.

[Author]

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