My house is techinically a condo, converted in 2004 with the 5 units in the
front house. Hard to comp. It is near North Beach, 2 bed, 2 bath, no tax
abatement, taxes around 6K (down from 8k- I fought the law and I won). I do not
want to default. My understanding is NJ is a recourse state, so I
I'd appeal your taxes again. Why not.
One of the big rushes about when you bought your condo was the quick
conversion of 1-5 units in AP to condo ownership.
Pre-conversion I had a looked at a couple. The city back then was to quick and
desperate and let these happen. So a place like yours
Also note with banks, if you are a total disaster, they have an incentive to
work with you, but if you are not, they won't. So, I posed the following to the
bank, as a hypothetical... I said, what if I owe say $300K and I find a buyer
on my own for $270K. Can I work out a payment plan for the
isn't that what shortsale is though? or even what about a loan
modification? both of which i believe destroy credit (i'm not sure the
technicalities) and the only way to get them to consdier that is to just
stop paying the mortgagebut - i know if you're thinking about
something like that
I have not really explored it but my understanding is that if you can pay, they
have no incentive to work with you re: short sale or modification. And unless
there are dire circumstances, why destroy credit, have tax implications, open
youself up to legal action, etc.? I think it is just better
speak to an accountant.
Not a bad move converting it to rental - if you sell you sell and may have
some tax beneifts. If you don't sell and want to convert it back to your
primary home - it might work out as well.
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Yes, before I do anything I will have it all researched. The point really, my
personal experience is just an example. If this plan comes to be, isn't it
just going to be more and more of this with all of our property values getting
more and more depressed. We need to adress the other issues
the city government makes AP an undespireable place to live.
EVERYTHING in AP is about revenue. my drug dealing neighbors get off scott
free despite the whole neighborhood complaining, becuase the cops are too
busy issuing tickets to care. my neighbor is a volunteer C.O.P. and can't
even get the
I hope it works out, re the short sale and I am sorry for your situation. That
is why I thought it was funny when I said to the bank, hey,what if I find my
own buyer and I do not even ask for a short sale, but I just pay off whatever
the difference is monthly, and they said, eh No! I was like,
--- In AsburyPark@yahoogroups.com, Bob Loblaw bobloblaws.blog@... wrote:
the city government makes AP an undespireable place to live.
EVERYTHING in AP is about revenue. my drug dealing neighbors get off scott
free despite the whole neighborhood complaining, becuase the cops are too
busy
: AsburyPark@yahoogroups.com
Date: Wed, 21 Sep 2011 18:04:14
To: AsburyPark@yahoogroups.com
Reply-To: AsburyPark@yahoogroups.com
Subject: [AsburyPark] Re: unsold condos...
--- In AsburyPark@yahoogroups.com, Bob Loblaw bobloblaws.blog@... wrote:
the city government makes AP an undespireable place
as for short sales, your story is real. Unfortunately, once you get in trouble,
people longer around that want to buy, but if they can hold out, then they do.
It's all the loopholes that your lawyers legally use to wipe out your loss with
little or no obligaiton - either tax wise (as a gain).
ps, if you decide to rent, a great credit screening tool for small landlords:
http://rentlaw.mysmartmove.com
It's a Transunion Product and I'm one of their premiere partners. Kind of had
some input into the service
Easy to use.
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