Loans, Debt & Credit - View Single Post - Who has walked away and had a 2nd that was recourse?

homerunkevin · 12-10-2008, 01:23 PM

KT,
I'm in the same boat as you.
Condo in San Ramon. Refinance my 80/20 loan for lower rate into one loan. Loan is now adjustable every year. My last payment was in October, and working with Realtor for short sale. Bought condo for 385k now worth 200k or so. Like you, I wanted to walk away, but afraid of the deficiency and tax. Hopefully today, I will get a call from tax accountant on the aftermath on a short sale or foreclosure. I keep you posted on my situation too.

12-10-2008, 01:23 PM	#9 (permalink)
homerunkevin Senior Member Join Date: Aug 2008 Posts: 42 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Who has walked away and had a 2nd that was recourse? KT, I'm in the same boat as you. Condo in San Ramon. Refinance my 80/20 loan for lower rate into one loan. Loan is now adjustable every year. My last payment was in October, and working with Realtor for short sale. Bought condo for 385k now worth 200k or so. Like you, I wanted to walk away, but afraid of the deficiency and tax. Hopefully today, I will get a call from tax accountant on the aftermath on a short sale or foreclosure. I keep you posted on my situation too.