[seattle-relo]

Actually I should take that back about the non recourse issue. I am not certain how the non recourse loan works if the property is turned from owner occupied to rental. I believe if you buy an investment property the purchase loan is recourse, but I don’t know how the bank sees it if it was owner occupied and then turned into a rental – does it keep it’s non recourse status? Does anyone know?

[seattle-relo]

Actually I should take that back about the non recourse issue. I am not certain how the non recourse loan works if the property is turned from owner occupied to rental. I believe if you buy an investment property the purchase loan is recourse, but I don’t know how the bank sees it if it was owner occupied and then turned into a rental – does it keep it’s non recourse status? Does anyone know?

[seattle-relo]

Actually I should take that back about the non recourse issue. I am not certain how the non recourse loan works if the property is turned from owner occupied to rental. I believe if you buy an investment property the purchase loan is recourse, but I don’t know how the bank sees it if it was owner occupied and then turned into a rental – does it keep it’s non recourse status? Does anyone know?

[seattle-relo]

Actually I should take that back about the non recourse issue. I am not certain how the non recourse loan works if the property is turned from owner occupied to rental. I believe if you buy an investment property the purchase loan is recourse, but I don’t know how the bank sees it if it was owner occupied and then turned into a rental – does it keep it’s non recourse status? Does anyone know?

[seattle-relo]

Actually I should take that back about the non recourse issue. I am not certain how the non recourse loan works if the property is turned from owner occupied to rental. I believe if you buy an investment property the purchase loan is recourse, but I don’t know how the bank sees it if it was owner occupied and then turned into a rental – does it keep it’s non recourse status? Does anyone know?

[seattle-relo]

Gheez, what about the gas guzzling audi’s and bmw’s? My husband’s audi gets almost as bad gas mileage as my explorer…maybe we should get them off the road too!

[seattle-relo]

Gheez, what about the gas guzzling audi’s and bmw’s? My husband’s audi gets almost as bad gas mileage as my explorer…maybe we should get them off the road too!

[seattle-relo]

Gheez, what about the gas guzzling audi’s and bmw’s? My husband’s audi gets almost as bad gas mileage as my explorer…maybe we should get them off the road too!

[seattle-relo]

Gheez, what about the gas guzzling audi’s and bmw’s? My husband’s audi gets almost as bad gas mileage as my explorer…maybe we should get them off the road too!

[seattle-relo]

Gheez, what about the gas guzzling audi’s and bmw’s? My husband’s audi gets almost as bad gas mileage as my explorer…maybe we should get them off the road too!

[seattle-relo]

Your friend should speak with a real estate attorney and tax advisor to help him make the best decision for himself and his family. The real estate attorney could lay out the legal issues and also possibly try to negotiate with the bank for him; the tax person could explain the tax implications for a short sale vs foreclosure. I believe that the a bill was passed in 2007 that was related to foreclosures which erased the debt forgiveness tax to those who did a short sale if the property was their primary residence, but being that his CA home is now a rental, I would guess he would have to pay debt forgiveness tax. If his loan(s) were nonrecourse because he originally bought it as his primary residence and didn’t refi, he shouldn’t have any tax issues.

I’m sorry your friend is going through this, it really sucks to be in his situation.

[seattle-relo]

Your friend should speak with a real estate attorney and tax advisor to help him make the best decision for himself and his family. The real estate attorney could lay out the legal issues and also possibly try to negotiate with the bank for him; the tax person could explain the tax implications for a short sale vs foreclosure. I believe that the a bill was passed in 2007 that was related to foreclosures which erased the debt forgiveness tax to those who did a short sale if the property was their primary residence, but being that his CA home is now a rental, I would guess he would have to pay debt forgiveness tax. If his loan(s) were nonrecourse because he originally bought it as his primary residence and didn’t refi, he shouldn’t have any tax issues.

I’m sorry your friend is going through this, it really sucks to be in his situation.

[seattle-relo]

Your friend should speak with a real estate attorney and tax advisor to help him make the best decision for himself and his family. The real estate attorney could lay out the legal issues and also possibly try to negotiate with the bank for him; the tax person could explain the tax implications for a short sale vs foreclosure. I believe that the a bill was passed in 2007 that was related to foreclosures which erased the debt forgiveness tax to those who did a short sale if the property was their primary residence, but being that his CA home is now a rental, I would guess he would have to pay debt forgiveness tax. If his loan(s) were nonrecourse because he originally bought it as his primary residence and didn’t refi, he shouldn’t have any tax issues.

I’m sorry your friend is going through this, it really sucks to be in his situation.

[seattle-relo]

Your friend should speak with a real estate attorney and tax advisor to help him make the best decision for himself and his family. The real estate attorney could lay out the legal issues and also possibly try to negotiate with the bank for him; the tax person could explain the tax implications for a short sale vs foreclosure. I believe that the a bill was passed in 2007 that was related to foreclosures which erased the debt forgiveness tax to those who did a short sale if the property was their primary residence, but being that his CA home is now a rental, I would guess he would have to pay debt forgiveness tax. If his loan(s) were nonrecourse because he originally bought it as his primary residence and didn’t refi, he shouldn’t have any tax issues.

I’m sorry your friend is going through this, it really sucks to be in his situation.

[seattle-relo]

Your friend should speak with a real estate attorney and tax advisor to help him make the best decision for himself and his family. The real estate attorney could lay out the legal issues and also possibly try to negotiate with the bank for him; the tax person could explain the tax implications for a short sale vs foreclosure. I believe that the a bill was passed in 2007 that was related to foreclosures which erased the debt forgiveness tax to those who did a short sale if the property was their primary residence, but being that his CA home is now a rental, I would guess he would have to pay debt forgiveness tax. If his loan(s) were nonrecourse because he originally bought it as his primary residence and didn’t refi, he shouldn’t have any tax issues.

I’m sorry your friend is going through this, it really sucks to be in his situation.

[Author]

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