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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Oooops! Re: One final note Posted by Madonna Maka on October 01, 2006 at 10:04 AM In Reply to: One final note posted by Greg on October 01, 2006 at 8:19 AM Sorry Greg. I meant to say Rick and Greg in my post on this earlier. Sorry, I can't think straight with all of this going on with me and my parents.... Madonna I/We don't have the money to pay capitol gains taxes and the difference (deficiency). I lost and don't know what to do. Bill mentioned short sale. Does that get me out of both CG Taxes and deficiency if I hire a Florida short sale realtor? If I hire a Florida short sale realtor, how much does that cost? The typical 6% commission and my closing costs and they sell it at a loss, which I'm expected to pay the difference and then on top of that the capitol gains tax on that difference too? WoW! Now I'm really scared because of this scenario. I feel helpless and really stupid for getting into investing. My once awesome credit will be ruined which wouln't of been so bad, but to have to pay all this makes it really bad. There is no light at the end of the tunnel. Winning the NY lottery is the only thing that could help it seems. Madonna : Florida law does allow a lender to sue to obtain a deficiency judgment. I don't know how prevalent this is but you should be aware that it is allowed. : : Thanks Rick, Greg & Bill! I printed out the IRS pub and showed it to my parents. I feel a little better after recieving your emails. So it looks like I will be paying the capitol gains taxes on the difference if the home sells for less at (i.e., $250,000) although my balance owed is $305,000... Meaning I will pay capitol gains on $55,000. And if I read and understand your emails, I will not have to pay that negative $55,000 difference (deficiency???) back to the bank. Just the capitol gains taxes on that $55,000. I think you all said no, but I'm just checking to make sure I'm explaining this to my parents correctly?????? Any ways guys, thank you VERY VERY VERY much for the information. This is a wonderful forum to get some advice on what to consider or act on, especially rookies that messed up badly like I and others did. Thanks again guys. Madonna Follow Ups: Short Sale Greg 7:21 PM, 10/01/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Sorry Greg. I meant to say Rick and Greg in my post on this earlier. Sorry, I can't think straight with all of this going on with me and my parents.... Madonna I/We don't have the money to pay capitol gains taxes and the difference (deficiency). I lost and don't know what to do. Bill mentioned short sale. Does that get me out of both CG Taxes and deficiency if I hire a Florida short sale realtor? If I hire a Florida short sale realtor, how much does that cost? The typical 6% commission and my closing costs and they sell it at a loss, which I'm expected to pay the difference and then on top of that the capitol gains tax on that difference too? WoW! Now I'm really scared because of this scenario. I feel helpless and really stupid for getting into investing. My once awesome credit will be ruined which wouln't of been so bad, but to have to pay all this makes it really bad. There is no light at the end of the tunnel. Winning the NY lottery is the only thing that could help it seems. Madonna : : : Florida law does allow a lender to sue to obtain a deficiency judgment. I don't know how prevalent this is but you should be aware that it is allowed. : : : Thanks Rick, Greg & Bill! I printed out the IRS pub and showed it to my parents. I feel a little better after recieving your emails. So it looks like I will be paying the capitol gains taxes on the difference if the home sells for less at (i.e., $250,000) although my balance owed is $305,000... Meaning I will pay capitol gains on $55,000. And if I read and understand your emails, I will not have to pay that negative $55,000 difference (deficiency???) back to the bank. Just the capitol gains taxes on that $55,000. I think you all said no, but I'm just checking to make sure I'm explaining this to my parents correctly?????? Any ways guys, thank you VERY VERY VERY much for the information. This is a wonderful forum to get some advice on what to consider or act on, especially rookies that messed up badly like I and others did. Thanks again guys. Madonna Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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