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  • November 30, 2007 at 9:03 PM #106164
    sd gal
    Participant

    I heard that even if you walk away from your property and mortgage, you still end up with tax.
    For example,
    If you borrowed 100% financing with 500k.
    You walk away from 500k mortgage, then lender sell the property for 350k.
    The loss of 150k will be considered as income for the year’s tax return for you.
    You will be responsible for income tax of 150k which will be around 40-50k?

    Is that true? that’s my friend told me.

    What about 2nd mortgage? Can I walk away from it too? Or they would come after my other asset?

    November 30, 2007 at 9:26 PM #106022
    Ash Housewares
    Participant

    Where was all the crying about banks and neighbors and loose lending when they were driving your equity through the roof?

    November 30, 2007 at 9:26 PM #106116
    Ash Housewares
    Participant

    Where was all the crying about banks and neighbors and loose lending when they were driving your equity through the roof?

    November 30, 2007 at 9:26 PM #106150
    Ash Housewares
    Participant

    Where was all the crying about banks and neighbors and loose lending when they were driving your equity through the roof?

    November 30, 2007 at 9:26 PM #106158
    Ash Housewares
    Participant

    Where was all the crying about banks and neighbors and loose lending when they were driving your equity through the roof?

    November 30, 2007 at 9:26 PM #106174
    Ash Housewares
    Participant

    Where was all the crying about banks and neighbors and loose lending when they were driving your equity through the roof?

    November 30, 2007 at 9:57 PM #106032
    Anonymous
    Guest

    People are losing jobs and I’m sorry about that. However, I’m not going to support anything that will keep the current value of homes from crashing back down to ’96 (or before) prices. That’s where they should be.

    The past two years, I saw people walking around the mall with coach purses in colors and driving bmw’s that they got from taking equity out of these ridiculous homes they couldn’t afford, while I was priced out the market.

    I’m sure I could have gotten a loan, but I refused to pay for a house that I know is not worth what the greedy builders were asking. Greedy builders, greedy realtors, greedy buyers.

    Let the chips fall where they may.

    November 30, 2007 at 9:57 PM #106126
    Anonymous
    Guest

    People are losing jobs and I’m sorry about that. However, I’m not going to support anything that will keep the current value of homes from crashing back down to ’96 (or before) prices. That’s where they should be.

    The past two years, I saw people walking around the mall with coach purses in colors and driving bmw’s that they got from taking equity out of these ridiculous homes they couldn’t afford, while I was priced out the market.

    I’m sure I could have gotten a loan, but I refused to pay for a house that I know is not worth what the greedy builders were asking. Greedy builders, greedy realtors, greedy buyers.

    Let the chips fall where they may.

    November 30, 2007 at 9:57 PM #106160
    Anonymous
    Guest

    People are losing jobs and I’m sorry about that. However, I’m not going to support anything that will keep the current value of homes from crashing back down to ’96 (or before) prices. That’s where they should be.

    The past two years, I saw people walking around the mall with coach purses in colors and driving bmw’s that they got from taking equity out of these ridiculous homes they couldn’t afford, while I was priced out the market.

    I’m sure I could have gotten a loan, but I refused to pay for a house that I know is not worth what the greedy builders were asking. Greedy builders, greedy realtors, greedy buyers.

    Let the chips fall where they may.

    November 30, 2007 at 9:57 PM #106168
    Anonymous
    Guest

    People are losing jobs and I’m sorry about that. However, I’m not going to support anything that will keep the current value of homes from crashing back down to ’96 (or before) prices. That’s where they should be.

    The past two years, I saw people walking around the mall with coach purses in colors and driving bmw’s that they got from taking equity out of these ridiculous homes they couldn’t afford, while I was priced out the market.

    I’m sure I could have gotten a loan, but I refused to pay for a house that I know is not worth what the greedy builders were asking. Greedy builders, greedy realtors, greedy buyers.

    Let the chips fall where they may.

    November 30, 2007 at 9:57 PM #106184
    Anonymous
    Guest

    People are losing jobs and I’m sorry about that. However, I’m not going to support anything that will keep the current value of homes from crashing back down to ’96 (or before) prices. That’s where they should be.

    The past two years, I saw people walking around the mall with coach purses in colors and driving bmw’s that they got from taking equity out of these ridiculous homes they couldn’t afford, while I was priced out the market.

    I’m sure I could have gotten a loan, but I refused to pay for a house that I know is not worth what the greedy builders were asking. Greedy builders, greedy realtors, greedy buyers.

    Let the chips fall where they may.

    November 30, 2007 at 9:59 PM #106037
    citydweller
    Participant

    sandiego, you say you bought to occupy, but then you say you don’t want to fund a bad “investment”. So which was it? A home or an investment?

    If it was truly purchased as a home that you liked and could afford, it’s current value should not be an issue.

    Is your condo by chance at Aqua Vista? And have you finally had enough of the valet parking? I don’t blame you for wanting to walk away from it, but don’t try to pass it off as having bought it as your “home”.

    November 30, 2007 at 9:59 PM #106131
    citydweller
    Participant

    sandiego, you say you bought to occupy, but then you say you don’t want to fund a bad “investment”. So which was it? A home or an investment?

    If it was truly purchased as a home that you liked and could afford, it’s current value should not be an issue.

    Is your condo by chance at Aqua Vista? And have you finally had enough of the valet parking? I don’t blame you for wanting to walk away from it, but don’t try to pass it off as having bought it as your “home”.

    November 30, 2007 at 9:59 PM #106165
    citydweller
    Participant

    sandiego, you say you bought to occupy, but then you say you don’t want to fund a bad “investment”. So which was it? A home or an investment?

    If it was truly purchased as a home that you liked and could afford, it’s current value should not be an issue.

    Is your condo by chance at Aqua Vista? And have you finally had enough of the valet parking? I don’t blame you for wanting to walk away from it, but don’t try to pass it off as having bought it as your “home”.

    November 30, 2007 at 9:59 PM #106173
    citydweller
    Participant

    sandiego, you say you bought to occupy, but then you say you don’t want to fund a bad “investment”. So which was it? A home or an investment?

    If it was truly purchased as a home that you liked and could afford, it’s current value should not be an issue.

    Is your condo by chance at Aqua Vista? And have you finally had enough of the valet parking? I don’t blame you for wanting to walk away from it, but don’t try to pass it off as having bought it as your “home”.

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