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short sale

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loraccap Joined: 17 Feb 2011 Posts: 1 1.37 Dollars($)	Posted: Thu Feb 17, 2011 9:24 am    Post subject: short sale Like 0 Dislike 0 We own a condo on the beach in Florida. we owe more than we can sell it for. We might end up owing $40,000 or even more, we don't know. It's been on the market and there is no interest. We don't live there, we have a house nearby and we rent the condo as much as possible, but the rentals don't completely cover the expenses. We need to do something. Since we rent this condo and don't live there, is it considered a business? and if it is, can we file some type of business bankruptcy. Do you have any advice on what we can do. My husband works and brings home about $200 a week. I collect disability. So far any money we owe for the monthly condo payments come out of our savings. This is breaking us. Can you advise. Thank you
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri Mar 04, 2011 6:20 am    Post subject: Like 0 Dislike 0 Hi Loraccap Welcome to mortgage fit, Renting a home is surely considered a source of income and thus taxable..But it will fit under category of business and you can be able to get the benefit of business bankruptcy only if the property is owned by a firm (you could be sole proprietor of it) so if you wish to do so,first transfer the property to the firm (your lender could have some objections related to this) but if you could be able to do it,you may qualify for the business bankruptcy... Apart from this I will advise you to discuss this issue with your lender and thus he may reduce your monthly payment in order to get out of this situation.. I am sure that once the property prices go up you could be able to get out of this situation and can lead a stressfree life. Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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