Getting rid of my mortgage payment credit without affecting that?

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“What would you do to me?” I bought the house in 2005, 160K, fully rahastada.Ostsin 20K car for a few months later (on my fully paid for everything and I needed a new, This represents more than the monthly payments out of pocket). In addition, I paid the landscape, downspouts, electrical outlets and central air conditioning, after I bought a house, a total of 10 km in my pocket that made me put on more debt krediitkaarte.Niisiis, I started a mortgage to pay 1K a month, then increased payments by credit card while making all the improvements in the house and car loans obtained, by mid 2007 and I needed to refinance a car refinance, credit cards and I paid all the receiver without a penny coming in my pocket. My house was valued at 270K, 190K, and I took a loan (I pay $ 1200 per month). In 2008 he moved to another country, my house is empty and for sale in a few months now, the evaluator must then assess the 210K, while the buyer is willing to 195K, and obviously I can not pay the Realtor a commission if I sell at that price because I have 190K and a 6% commission cons. My contract expires anyway. I am currently renting a countries and all hüpoteegimaksed.Kuna to pay the mortgage, the gardener, insurance and other services is becoming a burden, I looked for alternatives, such as short selling. I know some debt relief approved at a later date, but I find nothing on the IRS website, I think all of that, which was adopted in 2007 / I want to know what are my options. I do not care about my empty / open house I am concerned about my credit. If I rent, I get about $ 800 per month, so I need recommendations on what I could do. For example, there is a potential trading of the bank to suspend payments for 6 months? In this way, he let me try to help the owner to sell part of the local states are not used sõbrad.Mõlemad country. I do not think you can buy a good chance this time I do not know how the taxes on my situation, I just need some ideed.Kuidas to sell the house? do I pay taxes and how to calculate it (you have all my figures are available). The value expertise when selling a portion of the payment of taxes or forgiven? Please advise, thank you! Another thing that happens when I rent a house in the case of taxes, how am I affected ? It is bad enough, because the rent can not pay the mortgage obtaining criminal charges, thank you.

4 Comments
  1. Reply
    ♥Number 2 due October♥
    April 30, 2011 at 1:21 am

    Talk to your realtor about a short sale, either way you are responsible for the negative!! A short sale would be better then going in to complete foreclosure. If you rent the house have your taxes and insurance (you will have to get dwelling insurance it just covers the house itself) escrow ed in to the monthly payment that way they are paid with the mortgage every month so you do not have to worry.

  2. Reply
    Ryan M
    April 30, 2011 at 1:38 am

    Get a pet Sheep!

  3. Reply
    wisegirl74
    April 30, 2011 at 1:59 am

    Well, first of all I’m sorry your finances look that way. I suggest you to read the book The Total Money Makeover by Dave Ramsey.

    Now, you can only sell your house on a short sale when the bank has already began the foreclosure process, otherwise you can sell it or rent it. If you rent the house, it will be considered an investment for tax purposes so you will have to report all your income against all of your expenses on that house.

    If you do not like to read you should then listen to this guy online at http://www.daveramsey.com He is an expert on realestate an bad finances. He went through your situation a couple of times until he figured out that what he was doing was not working.

  4. Reply
    Joe D
    April 30, 2011 at 2:30 am

    You need to speak with an attorney about this situation. Attorney’s can not only advise you on a plan of action, they can also assist in negotiating a short sale with your mortgage company or even a deed in lieu. If you are facing a serious hardship, they may also be able to negotiate more affordable terms for you. These guys are all over the web and seem to be the best around at this type of practice. Go to this website:

    http://www.feldmanlawcenter.com

    Hope this helps!! Good Luck : )

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