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The Watercooler
Ughhh...foreclosure
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<blockquote data-quote="flutterby" data-source="post: 319212" data-attributes="member: 7083"><p>You can also do a short sale. That is where you sell the house for less than the balance owed - between 80% and 90% - and the bank writes off the rest. The bank has to be in agreement and has to approve the buyer. However, they can 1099 you for that difference and you might have to pay taxes on it. You would need to talk to your tax accountant about that.</p><p></p><p>The thing is, it's easier to bounce back from and rebuild your credit from a bankruptcy than it is from a bunch of late and/or missed payments. </p><p></p><p>If you do a Chapter 7 bankruptcy, which you would have to because you don't have any income to do a Chapter 13, you wouldn't need permission to buy a car. Once it's finalized, the Court is out of your lives. And you can get a car loan or buy a house in about 2 years. You'll have a really high interest rate, but you can rebuild.</p></blockquote><p></p>
[QUOTE="flutterby, post: 319212, member: 7083"] You can also do a short sale. That is where you sell the house for less than the balance owed - between 80% and 90% - and the bank writes off the rest. The bank has to be in agreement and has to approve the buyer. However, they can 1099 you for that difference and you might have to pay taxes on it. You would need to talk to your tax accountant about that. The thing is, it's easier to bounce back from and rebuild your credit from a bankruptcy than it is from a bunch of late and/or missed payments. If you do a Chapter 7 bankruptcy, which you would have to because you don't have any income to do a Chapter 13, you wouldn't need permission to buy a car. Once it's finalized, the Court is out of your lives. And you can get a car loan or buy a house in about 2 years. You'll have a really high interest rate, but you can rebuild. [/QUOTE]
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