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First you have to decide what is important for you. If you were my client I would suggest you strongly consider a short sale. There will be a credit hit and possibly an income tax event for the debt forgiveness. Eighty thousand dollars is a lot of loss to eat. Almost enough to put one of your children through a decent college for 4 years.

Seeing as its a mortgage taken at the height of the fraud by most lenders you should know that they have sold your home several times and been paid handsomely for it. Google "pooling agreements and securitzation of loans". Then they reached into our tax payers pockets and got a bail out. Search "tarp". Then if you default they have insurance to pay for their losses not to mention the tax break they get as well. If they foreclose they will take the home and sell it thereby getting paid AGAIN for their fraud. So if you are in a position where you cant make the payment amd decide to short sale, chpt 13, chpt 11 or just walk. Then you have to see it as a business transaction and nevermind all the guilt mongering ANYONE is going to lay on you. Especially in a forum. Lol

One of the major issues I have with this option is I'm not 100% sure how this would affect the building of our REI business in the future. The home is in my name only so my wife wouldn't be affected by a short sale. However, I was looking to partner with my father this summer on some deals. If we moved forward with a short sale, how would that affect those proceedings?

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In my area, Homepath homes regularly sell for 10 20% above the market, because they come with 5% down for owner occ, and NO appraisal. It just sounds like they have a legal way to do it, because they are a GSE. The crazy low rates push people into financing, and lenders stretching to get the yield has definitely helped the housing market and prices. On a more individual level, I don't think FNMA/Homepath would agree either.

Not a plan or advice just my Huarache Nike Cleats Lacrosse 2centszestimate is pointless to use. They have a 20% +/ window on their things. Look at other comps/recently sold to get a better ball park. Have you looked at re finacing it? may be more intially but dropping from 6% intrest to 4% might help you a little and shave off some of the monthly loss. Now instead of $400 /month you could be only missing on $300, a new property mgmt that only takes 7% could save you a few extra dollars, and rent increase? Are you below market? is the market improving? Rent going up? Demand going up and supply is decreasing?

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We all make financial mistakes, it's how we own up to what we might do wrong that defines us. I bought a big boat that barely hit the water, terrible purchase, a whole in the water in which you pour money!

My wife and I both work, so with some new lifestyle modifications, we have been able to afford to keep making payments (even with no tenants). If I keep the home, I would do my best to try and pay down on the loan primarily through wholesaling/flipping so that I could attempt to refi and drop the mortgage payment.

Ive thought about walking away because I believe the money we would free up could help drop some debt we have elsewhere (small amount of CC debt and student loans) or with saving up for our future REI adventures we have been planning.

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totally different attitude than mine. (Understand his boss won't be 28, those with ultimate loan approval could be much older and think like I do). You might find another lender, I think it would be very tough to convince a lender that you would uphold your obligation after walking away from another.

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Can you afford it now? Have you tried any of the gov't programs to refi? Are rents going up? Down? Can you see the light at the end of the tunnel?

there's any increases in the market (but not sure about your area.)

Underwater Rental Property

In regards to "financing does not add value to any property." I don't think the Fed would agree. The crazy low rates push people into financing, and lenders stretching to get the yield has definitely helped the housing market and prices. On a more individual level, I don't think FNMA/Homepath would agree either.

Now, as J Martin pointed out; you're 22, wow, I'm impressed you're even in your situation with your home, most "kids" can't get into a 5 figure home, much less a 6 figure home. You are another generation from those of us here giving Nike Air Huarache Khaki Green

advice, our outlook goes more to responsibility. You might find some 28 year old loan officer who would take a Nike Air Huarache Light Black

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Im tempted to keep the home because the homes in that location tend to rent very well and the home is still in very good condition. Another reason to hold is the tax situation. The benefits would still be there but I would assume most of that is being eaten away by my negative cash flow. With the Mortgage Forgiveness Debt Relief Act off the shelf id be liable for the forgiven debt if I were to successfully conduct a short sale.

Then be truethful with your father if he asks what happened. He's dad.

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The good thing is that you have a choice on whether or not to stick it out. Not everyone has that choice and are forced into giving up the land. Good luck

E Mail: [email protected]JerryW. WASP Inc

Jerry has given very good advice, look into a short sale, if you don't have the ability to pay.

I'd say this is as much about character as it is about money, you can't buy integrity. :)

Don let others decide your attitude!

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In your calculation, don't forget that you're paying off some principal every month, even though you're losing cash flow. so you'll be getting closer to even equity over time. especially if Nike Huarache Run Mens

Be careful if you have a worthless second also, b/c they may come after you. I would never be the first lender to a walk away, even if it were ten years ago. I wouldn't care about things dropping off a credit report because it is the greatest borrower sin to me. I'd do a short sale, I'd do a bankruptcy and take a borrower who had other serious credit issues, but walking away when there are other options just smacks me with gross irresponsibility, why would I contract with someone who has demonstrated that they don't care about contractual obligations?

If you do have the ability to pay and you want to move, the rental option would be best for your future ability to be in RE in the future. Man up. Get another property since your credit is good, generate more income to subsidize the looser property, some day it should change.

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Huarache Nike Cleats Lacrosse

Tough situation, but it may very well affect your ability to get financing on deals at least in the near future. Some banks understand. But they view it differently if you got overleveraged and don't have the ABILITY to pay now. They view it differently if you're able to pay, and you decide to walk.

On the other hand there are your personal feelings. I have a personal thing about paying my debts. It took me years to pay off the cost of my children's births because we had no insurance and there were some complications. Everyone got paid but some took many years to get it all. It was the right thing for me, but is not the same for everyone.

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