Nike Roshe Run Id Ideas

The IRS also has a way to avoid the tax bill be proving insolvency. I don know the details, but a CPA would. And you can research the topic on the IRS web site.

As for the HELOC I am wondering about the possibility of turning that into an unsecured debt to pay off interest free over 10 15 years with a promissory note (they can even hang the threat of a deficiency judgment over our heads if we default on that note). If they wrote it off they get nothing and then we have a tax issue to deal with. At least both parties benefit.

The benefit to a short sale is it stays on the credit for less time than a foreclosure or a bankruptcy.

The FIRST question is WHO is on the loan?? Not on the title but the loan??

Nike Roshe Run Id Ideas

Nike Roshe Run Id Ideas

I am starting with an attorney who is also a realtor. Her entire practice is devoted to short sales. As those payments increase our risk of foreclosure will be greater which is what I want to stress to the lenders. Hopefully they will choose to Nike Roshe Run Slip On Black

´╗┐How realistic is this short sale scenario short sale w

Sheila I do commercial real estate now but was doing short sales 4 years ago when they were just starting to happen.

Promissory notes are a constant reminder of a deal gone bad and you get no emotional closure to move on with your life.

Nike Roshe Run Id Ideas

From what you describe, some really painful choices are needed to get out of this situation. You made a lifestyle choice (giving up $50K in income yet keeping your standard of living where it was with the $50K rather than making the changes dictated by your new, lower family income) that dug a deep, deep hole. A serious credit hit and perhaps bankruptcy are in your future. In project management standard advice is if you going to take a slip on your project, take a big slip. Don come in once a month and say "we going to be one week later than we said last month". Figure out how late you going to be and acknowledge that all at once. In your case, that means figuring out where you really going to have to be to more ahead with your lives. That may mean a foreclosure and bankruptcy to wipe out all this debt. And lifestyle adjustments to make your expense and income match. An interest free, $99K loan to be paid off over 10 years is probably not in your future. Probably be more productive to just try to get this debt wiped out.

The student loans and IRS taxes are generally 2 items you cannot get wiped out in a chapter 7 bankruptcy.

As for maintaining our lifestyle by using the HELOC really that just meant paying regular bills, paying off debt, managing car payments, etc. as well as dealing with the added expense of an extra person in the house. We do not travel, buy things for the house, etc. Had we had any indication that our home value would plummet we would have figured something else. Unfortunately, we were young first time homebuyers with no experience in this field. I know that isn the fault of the lenders but I am trying to do the right thing before I have to choose to let it all go.

to wipe out everything and then pay off the student debt over time to get debt free.

Have promissory notes in large amounts Nike Roshe Run All Red

From what you have described it sounds like depending on how much debt you are carrying a ch 7 would be best Nike Roshe Run Blue And Pink

I know you want to do the right thing but the systems in place doesn make it easy. I have had many clients as deep or deeper in debt than you are. The last figure I saw shows about 34% of home sales in Maricopa county are Short Sales. You are not alone.

for an extended period been done before?

Nike Roshe Run Id Ideas

Nike Roshe Run Id Ideas

House is probably worth 75 80,000. There is PMI. We have a HELOC with BOA for about 99,000.

Nike Roshe Run Id Ideas

I hoping that the 1st lien would go fairly smoothly even with the PMI since we don owe a ridiculous amount. I would even be willing to contribute to the PMI loss over a period of time.

Who has the student loan?? Is it you and your husband or just one party??

Nike Roshe Run Id Ideas

There are many fine Realtors in AZ with lots of experience doing Short SAles. Meet up with one of them. But before you do anything have your agent connect you with a CPA or attorney that specializes in Short Sales.

I don see exactly where in AZ you are but your house should sell quickly, your agent should get the needed lender approvals Nike Roshe Run Id Ideas quickly allowing you to move on.

let me out now knowing I make payments instead of facing foreclosure later on. At that point I only be looking out for myself, even if that means BK.

Nike Roshe Run Id Ideas

If for instance you have a husband and they have great credit and you are on the loan and not them then you have options.

Does this scenario sound crazy or think it might work? Does anyone go into negotiations willing to pay their share?

Nike Roshe Run Id Ideas

You need to make sure that the agent you working with is VERY EXPERIENCED in short sales and the lender negotiating process, particularly with the two lienholders involved. You have alot of leverage with the HELOC bank, obviously, they looking at a complete loss otherwise. The attorney needs to be experienced in how the lender will view you as a candidate for various options; bankrutpcy (7 and 13), foreclosure, short sale, with or without reaffirming the HELOC debt with an unsecured promissory note. Almost certainly the final outcome of the negotiation for you will be worse than whatever offer you make at the start. So don go into the negotiation with the statement you willing to accept a promissory note for the full amount.

Our plan is to relocate to VA this summer to rent a house from family so that we can get the rest of our debt in order. Could rent our AZ house as a last resort but in the next few years that will become unmanageable (HELOC payment will increase to pay off and we can only request forebearance on student loans for so long).

Nike Roshe Run Id Ideas

Nike Roshe Run Id Ideas

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