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Old 03-18-2011, 11:52 AM   #1
R8RFAN R8RFAN is offline
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Other than my house payment I have none. I've been looking into the legalities of buying a home with cash because the market is so low and either short selling my current home or letting them foreclose on it.
Don't let them forclose, if you do they determine how much you owe when they sell it, if you short sell you do.
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Old 03-18-2011, 12:07 PM   #2
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Don't let them forclose, if you do they determine how much you owe when they sell it, if you short sell you do.
I would rather not foreclose. I'm not behind on my payments or anything, but I may be losing my job because of layoffs and I have enough in savings to buy a home and would still have money left over. I don't know if I decided to short sell my current home if they could come after my next home or what I had in the bank.
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Old 03-18-2011, 12:09 PM   #3
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I would rather not foreclose. I'm not behind on my payments or anything, but I may be losing my job because of layoffs and I have enough in savings to buy a home and would still have money left over. I don't know if I decided to short sell my current home if they could come after my next home or what I had in the bank.
Why don't you put all that saved up money to work? If you're smart about it, you will come out on top even after having to pay your mortgage with whatever interest it is you're paying.
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Old 03-18-2011, 12:10 PM   #4
R8RFAN R8RFAN is offline
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I would rather not foreclose. I'm not behind on my payments or anything, but I may be losing my job because of layoffs and I have enough in savings to buy a home and would still have money left over. I don't know if I decided to short sell my current home if they could come after my next home or what I had in the bank.
If you short sell they will come after you for the balance.... They could garnish your wages if you don't file BK if you file BK you won't get another house...

It's best to do the honest thing and pay any debt you owe... The housing market will turn around eventually, be patient
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Old 03-18-2011, 12:38 PM   #5
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If you short sell they will come after you for the balance.... They could garnish your wages if you don't file BK if you file BK you won't get another house...

It's best to do the honest thing and pay any debt you owe... The housing market will turn around eventually, be patient
The housing market may, but I don't know if the job market will. I'd also considered buying a home in cash and renting out my home until there's enough equity in it where I can break even on selling it.
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