Official Upside Down on My Mortgage Thread

[Vryce101]

had to do a short sale when we left and we're amazed that we were not hit with taxes like we thought...all worked out pretty well...except not being able to buy a home for another year but hey, we were able to write off over $100K, so I'll deal with it.

There was a federal law passed back in '09 or '10 to basically grant tax amnesty for forgiven debt on a primary residence, as long as the money was used to purchase or improve the home. If you took cash out to buy to a car or a new TV, it's supposed to be taxable. It was originally sunsetting at the end of 2011, but they extended it through 2012. My guess is they're going to extend it for at least one more year.

[onionpouch]

Tomorrow we close on the house we're selling. I have to bring $32,800 to the table. Short sale sounds like a great option right about now. What a kick to the face

[WhoWhat]

Just submitted an offer on a house. Bank owned. Hopefully soon-to-be WhoWhat-owned.

[Willie Mays Hayes]

Tomorrow we close on the house we're selling. I have to bring $32,800 to the table. Short sale sounds like a great option right about now. What a kick to the face

Why not walk away?

[General283]

Why not walk away?

Cause he has a conscience?

[Willie Mays Hayes]

Cause he has a conscience?

My conscience has a price in cases like this. And it's below 32K.

I'm so sick of the BS with my old house I'm strongly considering giving up on the process. That or hiring diddy to go over there with a matchbook and some gasoline.

[onionpouch]

Cause he has a conscience?

Wish I didn't.....but pretty much. We can move into the new house this weekend and never have to think of the old one again

[pGekko]

My conscience has a price in cases like this. And it's below 32K.

I'm so sick of the BS with my old house I'm strongly considering giving up on the process. That or hiring diddy to go over there with a matchbook and some gasoline.

Diddy won't do it, I asked years ago.

[pGekko]

Chase hasn't contacted me regarding reducing my principal by 40K yet btw. Still stuck without the General plan, or even just a simple refi. Guess I'll just continue burning money.

[phillyfan]

Wish I didn't.....but pretty much. We can move into the new house this weekend and never have to think of the old one again

I had a realtor try to convince me to do a short sale. He wanted me to lie about my expenses and income and he said he had a guy that would put in a fake offer on the house to get the process started. Seemed like a really sleezy process, but I would do it if I was truly stuck in a house with no options.

[onionpouch]

I had a realtor try to convince me to do a short sale. He wanted me to lie about my expenses and income and he said he had a guy that would put in a fake offer on the house to get the process started. Seemed like a really sleezy process, but I would do it if I was truly stuck in a house with no options.

Wow, yeah that doesn't sound right. We obviously preferred to not do the short sale, but if the FHA appraiser wouldn't have appraised us near our asking price we would have gone the short sale route. We just didn't have anymore money to bring to the table