My boss just did it and it worked out amazing for him. Didn't pay for 3 months, bank agreed to a short sale..... He owed 137, house sold for 38, and the bank forgave the difference. He's now free and clear.
The bank may forgive the difference, but keep in mind that the IRS may very well NOT. The differnce can be reported as income to you, leaving a potentially huge liability. I don't think it happens in all cases, but it is something to be aware of. You may want to consider contacting an attorney that specializes in this type of thing.
Wow...cars go down in value the minute we buy them...so do most things in life...so many out there who have lost jobs and can't get help and those who can pay can also get away with this?
Sorry, I know what it's like to be down on your luck, but to not pay just because? I can' t believe the banks and govt aren't watching for this.
My boss just did it and it
My boss just did it and it worked out amazing for him. Didn't pay for 3 months, bank agreed to a short sale..... He owed 137, house sold for 38, and the bank forgave the difference. He's now free and clear.
Figured it couldn't be that easy for everyone.
The bank may forgive the
The bank may forgive the difference, but keep in mind that the IRS may very well NOT. The differnce can be reported as income to you, leaving a potentially huge liability. I don't think it happens in all cases, but it is something to be aware of. You may want to consider contacting an attorney that specializes in this type of thing.
My Dh is meeting with one
My Dh is meeting with one right now (Im at work), and when my boss gets back from vacation, going to get the name/number of whomever he used.
Just wanted to see if my boss's case was typical, or really unusual.
I had a coworker who tried.
I had a coworker who tried. She stopped paying, had a short-sale buyer lined up, but still lost it in foreclosure.
Wow...cars go down in value
Wow...cars go down in value the minute we buy them...so do most things in life...so many out there who have lost jobs and can't get help and those who can pay can also get away with this?
Sorry, I know what it's like to be down on your luck, but to not pay just because? I can' t believe the banks and govt aren't watching for this.