Should I borrow money to sell my house or ask the bank for a short sale?
An Anonymous User asked:
I have to sell my house and it is worth less than what I originally paid for it. Should I borrow the $25K to complete the sale (and subsequently write off the loss on my taxes) or should I try to negotiate a short sale with the bank?
With the housing market and the banks as they are, I’d ask a professional financial manager. (not an accountant)
Yes– get the $25,000 and complete the sale… Then you are done with the bank.and the mortage… Save the credit rating .. If you sell your personnal home for less than it cost– that is your problem — not the Fed Government IRS…If you live in the home for 3 years and sell for a gain of $50,000 there is no income tax. Same with with a loss no deduction on you annual income.. ..
That’s a difficult question. It depends upon what you value the most. I assume you have an offer that is $25k less than the loan amount on your home. If so then it’s a matter of weighing your credit vs. your money. If you really want to maintain your credit then borrow the money and pay off the loan. Especially if you can borrow the $25k on favorable terms. If you aren’t that concerned about your credit then just do a short sale and don’t throw any more money at the property.
You should definitely talk to a tax attorney because I’m not sure you can right anything off of your taxes. It seems as though it might be a capital loss but I would make sure before you make a decision.
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