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Thinking of Short-selling my condo
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Thinking of Short-selling my condo
Message edited 4/21/2011 5:07:34 PM.
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Posted 11/1/10 4:05 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Thinking of Short-selling my condo
I'm in the same place as you.
The reason I am not short selling is that there would be an obvious credit hit and we would have a taxable event to the tune of about $30K.
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| Posted 11/1/10 4:39 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Thinking of Short-selling my condo
Was this a condo in Lindenwood?
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| Posted 11/1/10 6:20 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Thinking of Short-selling my condo
I know 2 ppl in your situation, they are just renting it out and paying the difference. can you wait it out? maybe things will start looking up soon!!
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| Posted 11/1/10 7:14 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Thinking of Short-selling my condo
don't do it.
We are in the same position and have decided to rent it. it's not worth the hit on your credit if you can rent it out and wait a bit!
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| Posted 11/1/10 7:23 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Thinking of Short-selling my condo
Posted by BatGirl9910
I already tried to refinance under a special Obama FHA Loan program that allows refinancing for 120-0% LTV ratio but I'd have to put down at least 30K which would deplete my entire Savings account...so refinancing isn't really an option...
Just curious.
Can you do a short sale with a savings like this? (Not saying you have $30K, but by the comment above it sounds close).
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| Posted 11/1/10 7:28 PM |
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Re: Thinking of Short-selling my condo
Message edited 4/21/2011 5:07:49 PM.
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| Posted 11/1/10 9:31 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Thinking of Short-selling my condo
You have a few things working against you
1- your condo is not owner occpupied- this means that the bank will not forgive any of the difference- if they approve it- they will be sending you a bill
2- you have savings- short sales are for people with valid- provable hardships- and no way to contribute to the pay off
Loss of equity is not a reason for a short sale
In my professional experince this short sale would not be approved
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| Posted 11/1/10 10:23 PM |
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