Loan Modification Forum - LoanSafe.org - View Single Post - Strange situation -- success with caveat -- HELP needed!

orcina_orca · 07-04-2009, 05:30 PM

Thanks for the advice, Joe84780. You are correct in your extrapolation of my current situation. But the way I'm looking at it right now is that it would also take me approx $1400 to rent a decent house or apt right now. My current house would in addition give me a tax break of at least $150/mth should I choose to keep it, and some equity (hopefully, unless real estate keeps dropping!).
Of course, I'm still hoping against hope that the $110K is a non-recourse "loan" for which they cannot come after me. The best scenario (but not likely) is if I turn around and sell it to my spouse for 230K. In principle, that would help me "buy in" at the low current price and "ride" it when the price eventually goes up, would it not?

07-04-2009, 05:30 PM	#5 (permalink)
orcina_orca Member Join Date: Dec 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Strange situation -- success with caveat -- HELP needed! Thanks for the advice, Joe84780. You are correct in your extrapolation of my current situation. But the way I'm looking at it right now is that it would also take me approx $1400 to rent a decent house or apt right now. My current house would in addition give me a tax break of at least $150/mth should I choose to keep it, and some equity (hopefully, unless real estate keeps dropping!). Of course, I'm still hoping against hope that the $110K is a non-recourse "loan" for which they cannot come after me. The best scenario (but not likely) is if I turn around and sell it to my spouse for 230K. In principle, that would help me "buy in" at the low current price and "ride" it when the price eventually goes up, would it not?