Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Earlie who wrote (59259)	1/18/2001 1:03:08 PM
From: AllansAlias	Respond to of 436258

Dunno if it has the jam to get over the hump it is facing, but smelly is sure strong right here. Failure is a good possibility, but I feel compelled to issue a meltup alert.

To: Earlie who wrote (59259)	1/18/2001 1:50:10 PM
From: Ilaine	Read Replies (1) \| Respond to of 436258

Getting out of a mortgage isn't as simple as "walking away" unless you can get the lender to take the deed in lieu of foreclosure, or in some cases transfer the deed to the lender and get the lender to forgive the debt for hardship reasons. Even after foreclosure, you're liable for the deficiency, and that's more than the mortgage because of the foreclosure costs, plus the house doesn't usually sell for fair market value at a foreclosure sale. If the lender forgives the debt, that's treated by the IRS as income to the borrower. In the real world, the lender may not push this because then they have to write down the loan and admit to the FDIC that the loan is no good, which means that their asset balance is smaller so they have to loan less money. Which is illegal, but that's the games people play when they are in a tight fix.