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

To: Broken_Clock who wrote (285725)	10/22/2010 12:50:21 AM
From: koan	Read Replies (1) \| Respond to of 306849

Better to walk away than promisary notes. I hadn't heard that, but it makes sense. Wall street only loosens it grip to get a better bite.

To: Broken_Clock who wrote (285725)	10/22/2010 1:35:04 AM
From: The Reaper	Read Replies (1) \| Respond to of 306849

BTW, almost all short sales now are requiring promissory notes from the sellers. IOW, you lose your house, trash your credit and STILL owe money! With that little wrinkle thrown in, there's no way I would sell my house in a short sale either. Like you said, just live in it rent free 'till they throw me out.

To: Broken_Clock who wrote (285725)	10/22/2010 1:50:01 AM
From: Skeeter Bug	Respond to of 306849

BC, get the word out... youtube.com people can fight back... randy is leading the way. contact him at... mortgagecrime.com. the one issue he didn't cover were the tax ramifications of debt forgiveness. this is important and, as i understand it, 2012 the federal rules kick right in. he said in CA a person filed ch 7 and included his home as an unsecured loan. the bank said they were the owners BUT COULDN'T PRODUCE THE NOTE. the implication is that he left chapter 7 with the home covered by chapter 7.