Posted on: 11th Dec, 2010 09:10 am
hi,
i have left my california condo oweing $98,000. it can not be sold for that at this time. it has a value of about $75,000. i am renting it for 1000.mo.
i have second on it for $240mo.
i bought a new home as my primary residence and would like to know as i am taking a loss each month of $240. should i keep it until i can refinance it for positive cash flow,
or sell it short sale and get out of it. how will california tax laws effect me as far as what i will be liable for.
i have left my california condo oweing $98,000. it can not be sold for that at this time. it has a value of about $75,000. i am renting it for 1000.mo.
i have second on it for $240mo.
i bought a new home as my primary residence and would like to know as i am taking a loss each month of $240. should i keep it until i can refinance it for positive cash flow,
or sell it short sale and get out of it. how will california tax laws effect me as far as what i will be liable for.
welcome bmum,
you can sell off the condo in order to get rid of the property rather than losing money over that property. you can contact the lender and apply for a short sale. as per california laws, you won't be liable for paying the deficient balance resulting from the primary mortgage. however, you will be liable for paying off the second mortgage in full.
you can sell off the condo in order to get rid of the property rather than losing money over that property. you can contact the lender and apply for a short sale. as per california laws, you won't be liable for paying the deficient balance resulting from the primary mortgage. however, you will be liable for paying off the second mortgage in full.