Countrywide loan, now B of A - Loan Modification Forum

Lost in Corona · 05-04-2009, 04:39 PM

I'm thinking of trying to short sale both my primary resident and my "investment" condo. I reside in Corona, CA (So CA) and I'm about 200K under in my primary residence. All loans are under my name. I was married on 11/7/07 and my wife has great credit.

I don't want to "bail and switch" but I have no choice as I'm self-employed and business has been consistent but still very rough. If I short sold my rental property, will I definitely be 1099'd for the difference? My rental property is about 100-140K under water as well.

Thanks

LIC

Lost in Corona · 05-04-2009, 04:47 PM

Both of the residences have Adjustable Rate Mortgages btw.

05-04-2009, 04:39 PM	#1 (permalink)
Lost in Corona Junior Member Join Date: Apr 2009 Posts: 2	Countrywide loan, now B of A I'm thinking of trying to short sale both my primary resident and my "investment" condo. I reside in Corona, CA (So CA) and I'm about 200K under in my primary residence. All loans are under my name. I was married on 11/7/07 and my wife has great credit. I don't want to "bail and switch" but I have no choice as I'm self-employed and business has been consistent but still very rough. If I short sold my rental property, will I definitely be 1099'd for the difference? My rental property is about 100-140K under water as well. Thanks LIC

05-04-2009, 04:47 PM	#2 (permalink)
Lost in Corona Junior Member Join Date: Apr 2009 Posts: 2	Re: Countrywide loan, now B of A Both of the residences have Adjustable Rate Mortgages btw.

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