Replies

Short sale of your house. Make sure you get a waiver from the bank of any shortfall.

And they are really going to agree to that if I just ask?

7 posted on 10/08/2013 11:15:44 AM PDT by Semper911 (When you want to rob Peter to pay Paul, you'll always have the support of Paul.)

Happens all the time,especially if you live in a non-recourse state.

8 posted on 10/08/2013 11:17:15 AM PDT by SeaHawkFan

And they are really going to agree to that if I just ask?

If you are seriously contemplating /needing to do this consult a Realtor who has the CDPE qualification.( Go here) CDPE

Be aware that the shortfall between what you sell your house for and the mortgage outstanding is considered by the IRS as " Forgiveness of Indebtedness Income" and normally considered income for tax purposes. Congress has waived that provision of the code until the end of 2013, it may or may not renew that in the new budget - if and when we get one.

12 posted on 10/08/2013 1:47:38 PM PDT by Timocrat (Ingnorantia non excusat)

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