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Re: Flip or walk

Posted by Mary Supinger on June 14, 2008 at 03:37:44:

In Reply to: Flip or walk posted by Moving on on May 11, 2008 at 20:58:43:

Hi,
I really like what NJD offered in advice. I think that you may need to run this by your attorney and a CPA. If all is a "Go" and you have determined what the value of the property is, you can then decide if you want to keep the property. Are rents for a comparable property in the range of your house payments? If so, and with the tax advantage, your ex may elect to keep the property. A short sale will hurt your credit profile as much as a full blown foreclosure. If you can, get an agreement from both lenders if you opt for the short sale. The letter should state that your account was always "PAID AS AGREED".
Frankly, I wouldn't put anymore money into a property you don't live in until you speak with the CPA and attorney.
Good Luck!

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