PeachParts Mercedes-Benz Forum - View Single Post

Graplr · #2 10-07-2008, 10:27 PM

I did a short sale in March on my home I boight for 257k (financed 100%)in 8/2006 and sold for 235k in 3/2008. Right now I consider it a steal getting out of it at a small loss considering the way the market is.

Legislation was passed that suspends paying taxes on the short sale. I guess I'm not positive it extends to second homes. So you no longer pay capital gains taxes on the bank write-off.

I had just gone through a divorce and neither of us could afford to live in the house so we had it on the market. I eventually got to the point you are at right now. I went through the options just like you. I was mentally ready to walk away. But looking back that would have been a bad choice. I decided to start negotiating with the bank that had my loan and slashed my price. I priced it low enough that 3 offers came in. I got MORE than the price I had dropped it to. I also got 18k written off in a short sale and I got an unsercured loan for 12k and my ex got an unsecured loan for 7k from the bank that held the loan.

I consider getting out of that mess with only a 12k loss a steal.

Hang in there. My advice. SELL IT. Slash the price. Start talking to your loan company daily. Pester them. Ask for supervisors. They need to know that you are ready to walk away. The last thing they want (if they can prevent it) is to foreclose. They are overwhelmed with foreclosures and don't want any more. They most likely will be willing to work with you but they are just overwhelmed. Stay on them.

One year from now your house may be worth 25k less than it is now. Get out now rather than bleed yourself to death.