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    Sergiog's Avatar
    Sergiog Posts: 8, Reputation: 1
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    #1

    Sep 29, 2007, 06:24 PM
    What best fit for me Foreclosure, Short Sale, Bankruptcy
    I bought home at 2003 in 2005 took equity from this home and bought two another homes. Now I have big problem I could not sale these homes and don't have more power to pay mortgages. Price goes down and is much less than I have paid for these homes. I would like leave for my old home which I bought at 2003. What is better fit for me? How I can leave for me my old home? If bankruptcy what I will be pay and what not?
    JRSOBX's Avatar
    JRSOBX Posts: 5, Reputation: 1
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    #2

    Sep 29, 2007, 06:35 PM
    Just keep in mind that in a short sale, the amount of the loan that is forgiven is taxable. For instance, if you 100K and negotiate a short sale for say 75K, the IRS sees the 25K as taxable.
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