I******r
发帖数: 265 | 1 Bought in about $700k at peak early 2007 with 40k downpay, price keeps
falling since Fall 2007. Right now, the house is about 200k underwater.
Although I can still afford the house, I do consider to short sale it since
it is really making me suffer emotionally every day. What will you guys do
when you are caught in such situation? What will you choose, short sale then
rent, or keep paying for mortgage and waiting for the upturn? |
l******a
发帖数: 16364 | 2 有7年的不良信用记录,觉得没问题是可以考虑
since
then
【在 I******r 的大作中提到】
: Bought in about $700k at peak early 2007 with 40k downpay, price keeps
: falling since Fall 2007. Right now, the house is about 200k underwater.
: Although I can still afford the house, I do consider to short sale it since
: it is really making me suffer emotionally every day. What will you guys do
: when you are caught in such situation? What will you choose, short sale then
: rent, or keep paying for mortgage and waiting for the upturn?
|
g*o
发帖数: 145 | 3 If I were you, I would just stop paying your mortgage for now.
If bank is willing to negotiate and reduce your principal to $200k. Start
paying and stay.
If not, foreclose it. Save your cash and buy your next house in cash.
Short sale it is too much trouble. Same negativity on your credit report.
since
then
【在 I******r 的大作中提到】
: Bought in about $700k at peak early 2007 with 40k downpay, price keeps
: falling since Fall 2007. Right now, the house is about 200k underwater.
: Although I can still afford the house, I do consider to short sale it since
: it is really making me suffer emotionally every day. What will you guys do
: when you are caught in such situation? What will you choose, short sale then
: rent, or keep paying for mortgage and waiting for the upturn?
|
d*****s
发帖数: 5610 | 4 short sale不会有7年的不良信用记录。
关键是short sale能成吗？银行要亏那么多，不一定同意。
还有家里人同不同意？经济上面，肯定是short sale合算，只亏了4万首付加4-6%的
agent fee，closing cost和多年的mortgage interest。
short sale后，完全可以便宜20万买一个一样的房子，扣除前面那个房子费用，省了差
不多10万，如果等到后年买，说不定省的更多。
但是银行不一定同意卖。
有一个解决办法，就是现在先低价买一个房子，然后把前面那个房子停付贷款，short
sale，如果银行不同意，就威胁foreclosure，银行肯定就同意了。
【在 l******a 的大作中提到】
: 有7年的不良信用记录,觉得没问题是可以考虑
:
: since
: then
|
f****i
发帖数: 20252 | 5 can you prove your economic hardship？
since
then
【在 I******r 的大作中提到】
: Bought in about $700k at peak early 2007 with 40k downpay, price keeps
: falling since Fall 2007. Right now, the house is about 200k underwater.
: Although I can still afford the house, I do consider to short sale it since
: it is really making me suffer emotionally every day. What will you guys do
: when you are caught in such situation? What will you choose, short sale then
: rent, or keep paying for mortgage and waiting for the upturn?
|
p*******n
发帖数: 4824 | |
I******r
发帖数: 265 | 7 200k underwater means FMV=700-200=500k.
Sorry for the confusion.
【在 p*******n 的大作中提到】
: 这是哪个地方房价掉这么多！
|
p*******n
发帖数: 4824 | 8 湾区有掉这么多么？
【在 I******r 的大作中提到】
: 200k underwater means FMV=700-200=500k.
: Sorry for the confusion.
|
h**n
发帖数: 1110 | 9 拍拍。 掉了20万，现在买是不是很安全了？
【在 p*******n 的大作中提到】
: 这是哪个地方房价掉这么多！
|
d*****s
发帖数: 5610 | 10 纽约郊区肯定有，并且还要崩。
【在 p*******n 的大作中提到】
: 湾区有掉这么多么？
|
|
|
I******r
发帖数: 265 | 11 SURE!
【在 p*******n 的大作中提到】
: 湾区有掉这么多么？
|
h********8
发帖数: 7355 | 12 ２００k vs 坏信用记录， 换我，才不当冤大头呢。
记得有个电视节目， 说这个的， ＂it＇s perfectly OK to walk away， just as
you cut loss on a bad stock purchase。＂ |
w******y
发帖数: 8040 | 13 Buy another house and short sale this one
no brainer
since
then
【在 I******r 的大作中提到】
: Bought in about $700k at peak early 2007 with 40k downpay, price keeps
: falling since Fall 2007. Right now, the house is about 200k underwater.
: Although I can still afford the house, I do consider to short sale it since
: it is really making me suffer emotionally every day. What will you guys do
: when you are caught in such situation? What will you choose, short sale then
: rent, or keep paying for mortgage and waiting for the upturn?
|
w******y
发帖数: 8040 | 14 no, short sale does not hurt credit that much
but it is pretty hard to succeed in short sale.
【在 l******a 的大作中提到】
: 有7年的不良信用记录,觉得没问题是可以考虑
:
: since
: then
|
f*****u
发帖数: 729 | 15 just buy a new one and stop the current payment. Most likely bank will short
sale it. I know two friends did that way. |
N****w
发帖数: 21578 | 16 贷款有问题吧，除非收入比较高
short
【在 f*****u 的大作中提到】
: just buy a new one and stop the current payment. Most likely bank will short
: sale it. I know two friends did that way.
|
b*d
发帖数: 9308 | 17 没错，供两个房子对收入有一定要求。
【在 N****w 的大作中提到】
: 贷款有问题吧，除非收入比较高
:
: short
|
o*********l
发帖数: 1807 | 18 dude, he has 500k mortgage, you think bank will give him another mortgage
for second home? |
a**s
发帖数: 1398 | 19 不是说7年之后，又是一条好汉吗？
【在 o*********l 的大作中提到】
: dude, he has 500k mortgage, you think bank will give him another mortgage
: for second home?
|
L****n
发帖数: 12932 | 20 Hmm, r u planning giving the bank 200k if the price is going up, like houses
in China?
【在 g*o 的大作中提到】
: If I were you, I would just stop paying your mortgage for now.
: If bank is willing to negotiate and reduce your principal to $200k. Start
: paying and stay.
: If not, foreclose it. Save your cash and buy your next house in cash.
: Short sale it is too much trouble. Same negativity on your credit report.
:
: since
: then
|
|
|
h******n
发帖数: 2795 | 21 据一个Agent说， Short Sale仅仅影响credit record三年，而Foreclosure则影响
credit record 7年。 |
y*******w
发帖数: 5917 | 22 200k，当然short sale或者foreclose，转手买同样的房子，立刻就赚了20万，什么信
用值20万？
【在 I******r 的大作中提到】
: Bought in about $700k at peak early 2007 with 40k downpay, price keeps
: falling since Fall 2007. Right now, the house is about 200k underwater.
: Although I can still afford the house, I do consider to short sale it since
: it is really making me suffer emotionally every day. What will you guys do
: when you are caught in such situation? What will you choose, short sale then
: rent, or keep paying for mortgage and waiting for the upturn?
|
y*******w
发帖数: 5917 | 23 直接foreclose或者short sale了，自然就没有500k的mortgage了，然后信用分数大降
，无非是贷款利率高并且要求的down payment多而已，两者和200k来比，都是小菜，
200k under water，当然walk away，
【在 o*********l 的大作中提到】
: dude, he has 500k mortgage, you think bank will give him another mortgage
: for second home?
|
d****w
发帖数: 1367 | 24 问题是
银行同不同意你short sale。
当然可以不交钱了，但那forclosure.
BTW, 我觉得forclosure也比亏这么多钱好。信用不值那么钱 |
N**s
发帖数: 1916 | 25 i would short sell it or let them foreclose. $160k is a lot of money.
but be sure to have some cash in hand when you walk away coz you will have a
hard time to rent a place with bad credit and you might have to double your
deposit or pay several months' rent in advance.
if you plan to change your job then do it before short sale/ foreclosure, as
more and more employees use credit check as part of hiring process. |
I******r
发帖数: 265 | 26 Thanks for all the replies and suggestions.Looks like that short sale/
foreclose is a way to go for me.
a
your
as
【在 N**s 的大作中提到】
: i would short sell it or let them foreclose. $160k is a lot of money.
: but be sure to have some cash in hand when you walk away coz you will have a
: hard time to rent a place with bad credit and you might have to double your
: deposit or pay several months' rent in advance.
: if you plan to change your job then do it before short sale/ foreclosure, as
: more and more employees use credit check as part of hiring process.
|
t**x
发帖数: 20965 | 27 1. stop payment.
2. keep living inside. (maybe you can still stay there 2 years. )
3. read more, handle it professionally.
4. let us know the results (keep updating).
http://www.youwalkaway.com/ |
b*****t
发帖数: 1276 | 28 个人感觉大伙都misleading，
个人认为foreclosure is not an option.
我对foreclosure和short sale有深入研究
1）对信用度的损失是一样的，因为你有default。如果你没有default，并且short
sale成功的话，那信用度是区别的。但是如果你不default，银行一般是不会同意short
sale的。
2）最重要的一点是银行可以到法院告你，如果是foreclosue的话，你会得到
deficiency judgment，这个东西的时效很长，可达20年，如果你将来有钱的话，你是
要还钱的。short sale一般是没有的。如果你是蓝领，银行可能不会pursue这个，但如
果它认为你将来会有钱的话，它或许会。建议你google deficiency judgement. |
w********h
发帖数: 32 | 29 基本准确. yet every lender has its own criteria
【在 h******n 的大作中提到】
: 据一个Agent说， Short Sale仅仅影响credit record三年，而Foreclosure则影响
: credit record 7年。
|
G*****m
发帖数: 5395 | 30 多年的mortgage interest为啥是亏的？
难道外面租房rent也算亏？
short
【在 d*****s 的大作中提到】
: short sale不会有7年的不良信用记录。
: 关键是short sale能成吗？银行要亏那么多，不一定同意。
: 还有家里人同不同意？经济上面，肯定是short sale合算，只亏了4万首付加4-6%的
: agent fee，closing cost和多年的mortgage interest。
: short sale后，完全可以便宜20万买一个一样的房子，扣除前面那个房子费用，省了差
: 不多10万，如果等到后年买，说不定省的更多。
: 但是银行不一定同意卖。
: 有一个解决办法，就是现在先低价买一个房子，然后把前面那个房子停付贷款，short
: sale，如果银行不同意，就威胁foreclosure，银行肯定就同意了。
|
|
|
b****s
发帖数: 876 | 31 How can you be sure that bank will not sure you? |
i***h
发帖数: 12655 | 32 SS好象个人最终也要把钱还上的.
short
【在 b*****t 的大作中提到】
: 个人感觉大伙都misleading，
: 个人认为foreclosure is not an option.
: 我对foreclosure和short sale有深入研究
: 1）对信用度的损失是一样的，因为你有default。如果你没有default，并且short
: sale成功的话，那信用度是区别的。但是如果你不default，银行一般是不会同意short
: sale的。
: 2）最重要的一点是银行可以到法院告你，如果是foreclosue的话，你会得到
: deficiency judgment，这个东西的时效很长，可达20年，如果你将来有钱的话，你是
: 要还钱的。short sale一般是没有的。如果你是蓝领，银行可能不会pursue这个，但如
: 果它认为你将来会有钱的话，它或许会。建议你google deficiency judgement.
|
j******3
发帖数: 508 | 33 I do not think anyone at this board knows what 1099 c is. If a property
goes through short sale, the bank can issue a 1099 c to the owner. The
owner has to report the number on 1099 c as income the year the 1099 c is
issued.
In this case, the owner does not have to pay the $200k lost on mortgage but
has to report $200k as income on the individual tax return. The only hope
is that the bank does not know how to issue 1099 c. I did a return for the
individual with short sale and it is really painfull when paying IRS.
Need to think more than 3 times when you want to short sale your property... |
b*****t
发帖数: 1276 | 34 你的意思是因为交税就不用挣工资了，what a logic!
but
the
..
【在 j******3 的大作中提到】
: I do not think anyone at this board knows what 1099 c is. If a property
: goes through short sale, the bank can issue a 1099 c to the owner. The
: owner has to report the number on 1099 c as income the year the 1099 c is
: issued.
: In this case, the owner does not have to pay the $200k lost on mortgage but
: has to report $200k as income on the individual tax return. The only hope
: is that the bank does not know how to issue 1099 c. I did a return for the
: individual with short sale and it is really painfull when paying IRS.
: Need to think more than 3 times when you want to short sale your property...
|
b*****t
发帖数: 1276 | 35 绝大多数是short sale，seller会把debt cancellation放到合同里，有时银行会让他
们签promissing note付一部分钱。大部分debt完全cancel，否则seller平什么给你最
short sale。
【在 i***h 的大作中提到】
: SS好象个人最终也要把钱还上的.
:
: short
|
f*********w
发帖数: 49 | 36 are you sure?
My understanding is that it all depends on the loan contract. If you haven't
refinanced the loan, vast majority of the primary loan does not have such
strong binding. You can walk away from the primary one. But you might not be
able to walk away from the 2nd loan. This is just like a business contract.
You can walk away from a contract to cut loss, with some penalty.
short
【在 b*****t 的大作中提到】
: 个人感觉大伙都misleading，
: 个人认为foreclosure is not an option.
: 我对foreclosure和short sale有深入研究
: 1）对信用度的损失是一样的，因为你有default。如果你没有default，并且short
: sale成功的话，那信用度是区别的。但是如果你不default，银行一般是不会同意short
: sale的。
: 2）最重要的一点是银行可以到法院告你，如果是foreclosue的话，你会得到
: deficiency judgment，这个东西的时效很长，可达20年，如果你将来有钱的话，你是
: 要还钱的。short sale一般是没有的。如果你是蓝领，银行可能不会pursue这个，但如
: 果它认为你将来会有钱的话，它或许会。建议你google deficiency judgement.
|
f*********w
发帖数: 49 | 37 From my research, the bank will report the debt forgiven which should be
counted as income. However, there is another tax benefit... If a property is
the primary residence for the tax payer in the past 2 out of 5 years, any
profit (note that the debt forgiven is counted as your profit since you don'
t need to pay it) less than 250K will not be taxed.
but
the
..
【在 j******3 的大作中提到】
: I do not think anyone at this board knows what 1099 c is. If a property
: goes through short sale, the bank can issue a 1099 c to the owner. The
: owner has to report the number on 1099 c as income the year the 1099 c is
: issued.
: In this case, the owner does not have to pay the $200k lost on mortgage but
: has to report $200k as income on the individual tax return. The only hope
: is that the bank does not know how to issue 1099 c. I did a return for the
: individual with short sale and it is really painfull when paying IRS.
: Need to think more than 3 times when you want to short sale your property...
|
j******3
发帖数: 508 | 38 The correct way is to fill out Form 982 to waive the 1099 c figure. Each
family's finance situation is different. If anyone is interested, you can
get more information from the following link:
http://www.irs.gov/pub/irs-pdf/p4681.pdf |
