How long does it take...what does it involve? How long does it generally take for the house to sell?Answer Question
Asked by Anonymous at 4:58 PM on Sep. 15, 2010 in Money & Work
Answer by SalemWitchChild at 5:04 PM on Sep. 15, 2010
Answer by ImaginationMama at 5:04 PM on Sep. 15, 2010
Answer by ohwrite at 5:04 PM on Sep. 15, 2010
Answer by dlandrum at 5:20 PM on Sep. 15, 2010
Answer by sherribeare at 7:21 PM on Sep. 15, 2010
If selling- here's how it was explained to me- basically the bank forgives what you owe on the home that has lost value. EX- You owe $170K on your home, but only sell it for $130K. The bank forgives the $40K lost, and won't make you repay it. The CATCH - You have to claim that $40K as ADDITIONAL income come tax season. One would most likely OWE tax on it.
Answer by KairisMama at 10:54 PM on Sep. 15, 2010
Answer by HotMama330 at 11:48 AM on Sep. 16, 2010
Answer by ohwrite at 12:52 AM on Sep. 17, 2010
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