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Sandy Chambers's Advice

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Sandy Chambers wrote:

What would you do? Underwater Mortgage in St.Petersburg, FL

Answer
I don't think anyone else can make this decision for you or for your family.  You are well served to consult an attorney and a CPA to see what options you have and whether you will be taxed on the forgiven debt. If you are insolvent according to the IRS (have more debt than assets at the time of the short sale), you will not be liable for the tax on the forgiven debt.About the moral high-road: even the Bible has debt forgiveness (see Matthew 18). I gather from this text that God expects us to learn from our mistakes and extend forgiveness to our neighbors. So decide how much of this was your DNA, decide to live differently where needed, take the help up and extend mercy to the people around you. You have to look at your long-term future. Look at what obligations your family has down the road. Will this put your long-term stability at risk? If so, I'd recommend dumping the property through a short sale if possible and then a foreclosure if the short sale doesn't work out. If this property does not risk your long-term stability, then put the work into it now to keep the property from further disrepair.And I hate credit card debt. If you don't have the cash, then you don't have the money for the repairs.I wish you the best, Sandy 
9 hours ago
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How do I Add a house to Facebook for exposure?

Answer
Your Realtor can send you a link to your virtual tour and you can paste the link into your Facebook and the first picture of the virtual tour shows up along with any text you add. It's a great way to increase exposure of the house. Also is a great way to share your Realtor with your friends and help their business at the same time.
9 hours ago
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What is the average time Short sales are taking to actually close?

Response
This varies from case to case. Our average is 93 days for the final offer that's put in on the property. And we always work for it to be sooner.
October 22 2013
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