[sd gal]

I think most of comments are off topic now. I was asking for a way to get the mortgage loan…. but I will try credit union and see.
Thanks for the folks that actually answered my question.

[sd gal]

Personal loan of 12% interest rate is the standard rate I found in many bank websites. My credit score is around 750 even after the short sale. I didn’t take any equity out of my property, I actually lost over 100k paying off secound mortgage myself. Tried to be responsible. Bank only forgave me about 20-25k total.

[sd gal]

Whoever wrote below watches too much Beavis and Butt-head.

>>>The housing price boom was simply a matter of the nation discovering how great san diego is. And it all got started way back when we hosted the first superbowl. After that people began to pour into this city, creating a housing shortage. MTV filmed spring break here. More and more national attention was here. Housing prices will never drop 50%, people still want to live in this city…so there will always be a market for houses.

[sd gal]

Whoever wrote below watches too much Beavis and Butt-head.

>>>The housing price boom was simply a matter of the nation discovering how great san diego is. And it all got started way back when we hosted the first superbowl. After that people began to pour into this city, creating a housing shortage. MTV filmed spring break here. More and more national attention was here. Housing prices will never drop 50%, people still want to live in this city…so there will always be a market for houses.

[sd gal]

Whoever wrote below watches too much Beavis and Butt-head.

>>>The housing price boom was simply a matter of the nation discovering how great san diego is. And it all got started way back when we hosted the first superbowl. After that people began to pour into this city, creating a housing shortage. MTV filmed spring break here. More and more national attention was here. Housing prices will never drop 50%, people still want to live in this city…so there will always be a market for houses.

[sd gal]

Whoever wrote below watches too much Beavis and Butt-head.

>>>The housing price boom was simply a matter of the nation discovering how great san diego is. And it all got started way back when we hosted the first superbowl. After that people began to pour into this city, creating a housing shortage. MTV filmed spring break here. More and more national attention was here. Housing prices will never drop 50%, people still want to live in this city…so there will always be a market for houses.

[sd gal]

Whoever wrote below watches too much Beavis and Butt-head.

>>>The housing price boom was simply a matter of the nation discovering how great san diego is. And it all got started way back when we hosted the first superbowl. After that people began to pour into this city, creating a housing shortage. MTV filmed spring break here. More and more national attention was here. Housing prices will never drop 50%, people still want to live in this city…so there will always be a market for houses.

[sd gal]

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?

[sd gal]

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?

[sd gal]

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?

[sd gal]

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?

[sd gal]

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?

[sd gal]

I just wonder if you foreclose, do you have to give up all your savings and belongings such as car?

if you make certain amount of fixed income, do you still have to pay back some of the debt?

[sd gal]

I just wonder if you foreclose, do you have to give up all your savings and belongings such as car?

if you make certain amount of fixed income, do you still have to pay back some of the debt?

[sd gal]

I just wonder if you foreclose, do you have to give up all your savings and belongings such as car?

if you make certain amount of fixed income, do you still have to pay back some of the debt?

[Author]

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