Last year I settled several accounts for less then value. I had to report it on my tax returns because they sent paperwork to me & to the IRS. I am pretty sure that is what you can expect. I would be happy to discuss my experience in detail with you if you like. But, I am not a CPA, etc & only know my experience. Good luck to you.... more
I can assume that you wouldn't be going into foreclosure if you didn't feel that you had to or have been forced into it.
From an ethical standpoint if you can uphold your commitment for HOA then that is the best course of action for your fellow neighbors who are all in this recession crisis together.
In my experience with client getting a low settlement for HELOC with a delinquency on their first has been challenging.
For alternatives to walking away from your home even at this stage I highly suggest the white paper report in my web reference below.... more
Determine the return on investment you are hping for. Determing your timeline. 10 years is a good minimum. Research markets that have given the kind of return s you are looking for. Buy the number one sought after house. Purchase that house below median price or below average for that type and style of house. Buy in the best school districts, near busline, with most amenities, i.e. shopping, parks, etc... Check the walk score. Try to put a 15 year mortgage on the property and own the investment as quickly as possible. Work with people who have done this and continue to do it. This is a great time to get into the real estate investment market. It is like a second chance for those who were not prepared years ago.... more
Bellevue Towers is alive and well. There were 7 sales in July, their financing is in good order and homes are selling. Its my favorite high rise residential community in downtown Bellevue - awesome owner amenities (what other community has its own park), great floor plans, prime location, high end interior finishes and great views.... more