Quote:
Originally Posted by Choker
Having nothing to show for it is better than having to bring 18k to the table to close a sell on it, or like you suggest let the bank take the hit for the 18k she would be upside down on and walk away? Do you really think banks will still be doing short sells in 5 years? As far as I know it has the same effect on a debtor as a foreclosure does, if not it should in my opinion. Rent would be about $900 to $1000 for the home anyway.
I advised her to rent until there are signs of depreciation slowing down or reversing. She won't listen to me though, she's got my hard head. LOL
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Even at 1k a month over those 5 years that would be 60k she would pay in rent with nothing to show for it. Instead she can have a $600/mo mortgage payment and save 5k a year. A short sale does not have the same effect as a foreclosure. So I'm guessing since you didn't buy in 2007 you've been renting ever since, is that correct?