oh wait... H.R. 3648 said that the shortsell difference isn't income therefore not taxed.
J.J. On 1/28/08, Jacob <[EMAIL PROTECTED]> wrote: > But, on a short sale, you would owe taxes on the difference. > > -----Original Message----- > From: J.J. Merrick [mailto:[EMAIL PROTECTED] > Sent: Monday, January 28, 2008 9:13 AM > To: CF-Community > Subject: Re: our new house (pics) > > Yeah the last thing they want is another house to have to sell. > > Short Sell without recourse would be your best bet... > > > J.J. > > On 1/28/08, Tony <[EMAIL PROTECTED]> wrote: > > well, ive been OTP with Countrwide a lot. > > > > we started this process a few months ago. and they've told me this. > > > > "we will not foreclose on you" instead they will do the following in > order > > and it was good that i started the dialog a while ago... > > > > 1. list it, try to sell it (i started this back in Nov.) > > 2. short sell (basically agree on a lesser price and if i can find a buyer > > who will buy it for that they will take that and say goodbye) and thanks > > to the one thing Shrub has done, his new fix for the mrtg crisis one of > the > > stipulations said that the difference is no longer (for like 3 more years) > > shown as income... as it used to be that the diff in a short sell and > actual > > loan value was shown as income :( bad bad bad. > > 3. if no sell, we will do a deed in lieu of foreclosure (kinda like a > > foreclosure > > but not, really, not as bad on credit as fc) > > > > but they said i have months before that even starts, and they havent even > > started that. in fact im still in their "Workout Process" which bought me > even > > more time. fc takes a LOAD of money, and time, and they'd rather just > transfer > > the deed than do a FC. > > > > tw > > > > On 1/28/08, Crow T. Robot <[EMAIL PROTECTED]> wrote: > > > So...are you letting the house just lapse into bankruptcy? Wondering > how > > > you are able to not pay off a mortgage... > > > > > > On Jan 28, 2008 10:30 AM, Tony <[EMAIL PROTECTED]> wrote: > > > > > > > NO DOUBT. > > > > > > > > we are saving 1500 each month by not paying that damn mortgage > > > > cutting our losses, renting and doing our thing starting over... > > > > > > > > and no bad juju in the house!!! > > > > > > > > :) big ups > > > > > > > > On Jan 28, 2008 11:23 AM, J.J. Merrick <[EMAIL PROTECTED]> wrote: > > > > > yeah you should never become a landlord by default. > > > > > > > > > > Good call on the renting. No shame in cutting your losses and > starting > > > > > over. Next time get a 15 year FIXED! :-) > > > > > > > > > > -J.J. > > > > > > > > > > On 1/28/08, Tony <[EMAIL PROTECTED]> wrote: > > > > > > > > > > > at $2500 a month, i couldnt begin to think of renting it. > > > > > > it would get trashed in months, id have to take care of it > > > > > > and, well, you know people. they are dirty, they smell > > > > > > they have bad habits, they fnck sh!it up, and im not down with it. > > > > > > > > > > > > its just not a poss. the house is nearly brand new... here is the > mls > > > > > > listing for my house... > > > > > > > > > > > > http://www.dpol.com/public/Report_custAllphotos.asp?ml=438889 > > > > > > > > > > > > and the lady who owns my New/old house :) is the owner of a local > > > > > > huge amusement park in Ocean City. its just a house she doesnt > > > > > > want to get rid of but rents it out to YUPPIES ... which fits us > > > > perfectly. > > > > > > not to mention its all hardwood therefore we cannot possibly eff > it up > > > > > > with dogs and stuff... just perfect. > > > > > > > > > > > > oHHHH and we have a front porch :) i cant wait for summertime and > > > > > > storms and late evening breezes... they are soo awesome around > here. > > > > > > > > > > > > and we have a 2nd floor sunroom :) sooo cool, and perfect for a > > > > hammock! > > > > > > > > > > > > later > > > > > > > > > > > > On Jan 28, 2008 10:29 AM, Cameron Childress <[EMAIL PROTECTED]> > > > > wrote: > > > > > > > Tony wrote: > > > > > > > > its totally a victim... they SHOULDA NEVER given me that loan > for > > > > that place. > > > > > > > > never. > > > > > > > > > > > > > > Interesting that you are renting a house now. Alot of people > who > > > > are > > > > > > > upside-down in their home loans are attempting to rent them out > to > > > > > > > people to make the payments and hopefully wait out the market > dip. > > > > It > > > > > > > would be ironic if you were renting from someone in that > situation. > > > > > > > > > > > > > > -Cameron > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;160198600;22374440;w Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:252183 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
