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urbanrealtor
Participant[quote=execute]This is my first post, but i’ve been lurking here along time.
The thing many people seem to forget is that the market is much much larger then the government. The government will fail in propping up home prices. Consider all the things the government has done up to this point: bailouts, stimulus checks, nationalization, and look at the situation the economy is in: market down 55%, unemployment surging, housing values continuing to plummet.I guess my point is that the government is ineffective. They cannot stop this, no matter what they do. Yes, they can make the situation worse and prolong things, but I have zero faith in their ability to “fix” anything.[/quote]
Execute:
I am afraid you are not properly registered.You first must email me your social and credit card numbers to register for posting privileges.
urbanrealtor at gmail
Also, I will need photos of Halle Berry dressed as Storm.
Participant[quote=TheBreeze]McCain probably would have done something similar. Both parties are owned by the banks. Maybe we’ll get a viable third-party candidate next time.[/quote]
My sincere hope is that Ron Paul or Ross Perot show up again and split the right. Again.
Participant[quote=TheBreeze]McCain probably would have done something similar. Both parties are owned by the banks. Maybe we’ll get a viable third-party candidate next time.[/quote]
My sincere hope is that Ron Paul or Ross Perot show up again and split the right. Again.
Participant[quote=TheBreeze]McCain probably would have done something similar. Both parties are owned by the banks. Maybe we’ll get a viable third-party candidate next time.[/quote]
My sincere hope is that Ron Paul or Ross Perot show up again and split the right. Again.
Participant[quote=TheBreeze]McCain probably would have done something similar. Both parties are owned by the banks. Maybe we’ll get a viable third-party candidate next time.[/quote]
My sincere hope is that Ron Paul or Ross Perot show up again and split the right. Again.
Participant[quote=TheBreeze]McCain probably would have done something similar. Both parties are owned by the banks. Maybe we’ll get a viable third-party candidate next time.[/quote]
My sincere hope is that Ron Paul or Ross Perot show up again and split the right. Again.
ParticipantOh and taxes:
The amount of forgiveness is what is taxed.
The irs came out with guidelines that do not tax debt forgiveness for your home. I don’t know the rule for rental property.
The state finally came out with a law in August 08 that does the same for CA but only covered 08 and 07.
I expect that there will be one for CA in like November covering 09. Nice.
ParticipantOh and taxes:
The amount of forgiveness is what is taxed.
The irs came out with guidelines that do not tax debt forgiveness for your home. I don’t know the rule for rental property.
The state finally came out with a law in August 08 that does the same for CA but only covered 08 and 07.
I expect that there will be one for CA in like November covering 09. Nice.
ParticipantOh and taxes:
The amount of forgiveness is what is taxed.
The irs came out with guidelines that do not tax debt forgiveness for your home. I don’t know the rule for rental property.
The state finally came out with a law in August 08 that does the same for CA but only covered 08 and 07.
I expect that there will be one for CA in like November covering 09. Nice.
ParticipantOh and taxes:
The amount of forgiveness is what is taxed.
The irs came out with guidelines that do not tax debt forgiveness for your home. I don’t know the rule for rental property.
The state finally came out with a law in August 08 that does the same for CA but only covered 08 and 07.
I expect that there will be one for CA in like November covering 09. Nice.
ParticipantOh and taxes:
The amount of forgiveness is what is taxed.
The irs came out with guidelines that do not tax debt forgiveness for your home. I don’t know the rule for rental property.
The state finally came out with a law in August 08 that does the same for CA but only covered 08 and 07.
I expect that there will be one for CA in like November covering 09. Nice.
ParticipantShort sale affects credit less.
Generally lower fico hit and the GSE'(fannie and freddie)s have a short moratorium on purchasing after (like 2 years).
This is in contrast to foreclosure/deed in lieu which has a 5-8 year moratorium.If the loan is non-recourse, either of these will erase the debt.
If the loan is recourse, the process of recovering money will be more costly. The amount that the lender pursues the borrower for will likely be higher with an REO than with a short.
Also, there are ways to declare the recourse loan non-recourse that are more feasible in a short (if you need a legal referral for that let me know).Bottom line, shorts tend to be less destructive but are (much) more of a pain in the ass. Foreclosing involves essentially doing nothing and just changing your phone number (collection calls). I actually teach a course on making this decision and the inertia of a foreclosure vs the stress of a short is the biggest decider.
OT: so my broker wants us to resurrect the foreclosure tours. What does everybody think of the name “REO Speedwagon”?
Just a thought.
ParticipantShort sale affects credit less.
Generally lower fico hit and the GSE'(fannie and freddie)s have a short moratorium on purchasing after (like 2 years).
This is in contrast to foreclosure/deed in lieu which has a 5-8 year moratorium.If the loan is non-recourse, either of these will erase the debt.
If the loan is recourse, the process of recovering money will be more costly. The amount that the lender pursues the borrower for will likely be higher with an REO than with a short.
Also, there are ways to declare the recourse loan non-recourse that are more feasible in a short (if you need a legal referral for that let me know).Bottom line, shorts tend to be less destructive but are (much) more of a pain in the ass. Foreclosing involves essentially doing nothing and just changing your phone number (collection calls). I actually teach a course on making this decision and the inertia of a foreclosure vs the stress of a short is the biggest decider.
OT: so my broker wants us to resurrect the foreclosure tours. What does everybody think of the name “REO Speedwagon”?
Just a thought.
ParticipantShort sale affects credit less.
Generally lower fico hit and the GSE'(fannie and freddie)s have a short moratorium on purchasing after (like 2 years).
This is in contrast to foreclosure/deed in lieu which has a 5-8 year moratorium.If the loan is non-recourse, either of these will erase the debt.
If the loan is recourse, the process of recovering money will be more costly. The amount that the lender pursues the borrower for will likely be higher with an REO than with a short.
Also, there are ways to declare the recourse loan non-recourse that are more feasible in a short (if you need a legal referral for that let me know).Bottom line, shorts tend to be less destructive but are (much) more of a pain in the ass. Foreclosing involves essentially doing nothing and just changing your phone number (collection calls). I actually teach a course on making this decision and the inertia of a foreclosure vs the stress of a short is the biggest decider.
OT: so my broker wants us to resurrect the foreclosure tours. What does everybody think of the name “REO Speedwagon”?
Just a thought.
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