Re: ON THE VERGE

Posted by NJDave on February 13, 2006 at 07:30:21:

In Reply to: ON THE VERGE OF LOSING MY MIND AND FAMILY! posted by Close to mental breakdown! HELP! on February 12, 2006 at 22:13:23:

You don't mention your state, so we can't know the applicable foreclosure time line. If you have time,
why not try to sell? Contact the second mortgagee and seek preforeclosure short sale approval. You could sell fro closer to fair market value, and make a serious dent in what is owed to the second. If they approve your request, they'll forgive the deficiency.
You'll still be on the hook for income tax on the forgiven debt... but if you sit with a CPA, he or she can help you submit proofs the "income" is exempt from tax.

Or, if your financial situation is severe... consult a bankruptcy attorney and put this behind you.

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Comments:
: You don't mention your state, so we can't know the applicable foreclosure time line.  If you have time,
: why not try to sell?  Contact the second mortgagee and seek preforeclosure short sale approval. You could sell fro closer to fair market value, and make a serious dent in what is owed to the second.  If they approve your request, they'll forgive the deficiency.
: You'll still be on the hook for income tax on the forgiven debt... but if you sit with a CPA, he or she can help you submit proofs the "income" is exempt from tax. 

: Or, if your financial situation is severe... consult a bankruptcy attorney and put this behind you.


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