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Answers (4)
- M M A
- Contributions:4
Does anyone know how that effect's your income taxes? I mean if the bank forgives you a portion of debit. Say 30,000. Then would that 30k be viewed as taxable income?
- Rachel Sartain, "Rachel Sartain"
- Contributions:408
If you can keep up with your payments, then your credit is okay. If you need to sale your home short of the mortgage amount, work something out with the bank. They may allow you to bring a 'contribution' to closing to close the account. This will not reflect as badly on your credit. The thing that hurts your credit the most with a short sale is not making the payments.
- Valorie Stover, "QUALITY REALTOR"
- Contributions:170
If you decide that you will have to do a short sale then it will be up to the bank if they go for it. It is like having another person telling you what to do. They have the final say as to what you can sell for.
The hard part is that they take a loooooooong time to get though.
The hard part is that they take a loooooooong time to get though.
- Donna Harris, "Donna Harris"
- Contributions:46
No matter how a short sale is handled, it's going to hurt your credit. So, if you don't want your credit touched, you need to pay your short fall at closing and move on. Look at it as a delayed down payment from when you bought it, probably with 0% down.
Short Sell?
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