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I am contemplating short-selling my home. I live in Las Vegas, Nevada, a city with a real estate market that will likely not see great appreciation anytime soon. At the moment, my home is worth approximately $150,000, and I owe $188,000 on the loan. Thus, I am underwater by approximately $38,000. (I paid $250,000 for the house in 2007). I can probably rent a place for $1000 per month. So, there would be definite monthly cost savings for me versus paying my $1324 mortgage. I have a 5.625% rate on my loan. I don't see myself living in this house for more than 5 to 7 years, if I can help it. However, I currently have no pressing reason to move. In addition, I can afford my mortgage. My credit scores currently are great. I would be willing to live with the negative credit implications of a short-sale for a couple of years. But, I would definitely like to buy a new home within three or four years. Finally, I would only go through with the short-sale if and only if I can get the deficiency totally waived. From a financial perspective, does it make sense for me to short-sell my home? Thoughts? Opinions?
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For Sale: $45,500
For Sale: $115,000