RRR wrote: »
be sure to do like my neighbors did when they
abandoned their home following foreclosure...strip
the place of all appliances, light fixtures, outside
landscaping, etc. - anything that can be sold at
a yard sale, flea-market, or on eBay
got ants? wrote: »
I had a 2nd property (business address) and was in the same situation. When I asked the bank I was told the same thing, 90 days late before they will even talk with me. I had perfect credit and I didn't want to do that. I wanted to refi to a lower %. They said nope... 90 days before we talk. I pleaded with them for almost a year. they even offered to send the "package" to process the paperwork. So finally I gave in. After 3 months I inquired (after many threatening notices) about this "package" and was told..."its on the way" 90 more days, daily phone calls, nada. After 9 MONTHS I get up the ladder and was told "Sorry, we're gonna foreclose on you". I had a buyer willing to buy at double what they sold it at foreclosure, nope, won't do it.
BTW, the creditor was also buying up all my other debt, which made no sense to me. My BP card went from 16% to 24%. My personal credit card went from 6.9% to 21%. Can you guess who that was?
Spinfisher wrote: »
My CPA explained to me that if the Bank gives me a 1099 for $300k dues to the short-sale and my loss was 300k on the investment property that is 300 - 300 = 0. However, he also said that I may be taxed on the depreciation on the property..
pupraiser wrote: »
Isn't that technically stealing?