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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (5209)	9/11/2002 1:31:14 PM
From: y2kate	Read Replies (3) \| Respond to of 306849

Thanks for your thoughts. I am single but "affianced." The house is in my name alone. Do you happen to know, if we married before I sold this house, would the 500K profit be free and clear? If not, what are the tax implications on the other $250K? I work in the entertainment industry- I've done pretty well but I am freelance. My fiance is an actor and his work is uncertain at best- so I can hardly afford to laugh at any future changes in the economic climate. I can at present easily afford my mortgage and taxes- under 2k a month. I have no seconds or equity lines against the property at present. Here's a thought: I've considered refinancing into say a cheap ARM- fixed for 5 years. Take the maximum equity out and set it aside as cash. I should be able to get at least 250-300k right now. This would hedge me against a crash, and allow me to stay here. Does this make any sense? I wouldn't consider selling but for this crazy market. And these are scary times. I'm about to get married and want to have children. So the emotional reaction is, stay put, keep the house, batten down the hatches. The logical reaction is, get out, get the money and set it aside. I think in battles like this, emotion typically wins out. Or is there a middle way? Help! <g/ng>