The short answer is yes. Your best option is likely a short sale. As far as tax consequences, it's best to consult with a CPA. In order to answer your question better, please provide further details: do you have a first and a second mortgage? Are they with the same bank or with different banks? How far behind are you on payments or are you behind?
Well, an interesting website you might want to check out is www.realtytrac.com where you can either just enter your town or address and map out all the foreclosures and pre-foreclosures in the area! I took a peek and looks like Mill Valley is doing a lot better in values than Sonoma County! No surprise, really considering you are a commuter town to SF. If you are thinking about selling and have a very high mortgage, and think you may have to get into a short sale situation, make sure you contact someone who understands the short sale process. If you need a referral, drop me a line! Best, Terry Bell, CPS Real Estate, Sonoma County... more
Hi Diane, looking for a wealth of misinformation? If so, RealtyTrac is a fantastic source. I have actually contacted Trulia about making it more obvious to users. RealtyTrac just posts public record notices. Vary rarely is the property even listed for sale.
If you are serious about a purchase you really only have two sources for accurate information: www.Realtor.com (which pulls listings directly from all Realtor MLS systems) or a Realtor's website (tied to a valid MLS.)
If you are not going to be living in the US when you buy this will be considered an investment purchase. What is your plan for returning to the US?