|
are you gonna short sale the property? why can't you rent it out? if you can make the payments, wait it out. the real estate market may take a while to recover, but your credit will take a hit if you short sale or foreclose. if you can rent it out, do that instead.
check with a real estate attorney. if you sell for a loss, i don't think you can write it off if you are the primary resident. if it is used as a rental property, you may be able to write off the loss.
|