What about if I will need to rent out my "primary residence" for a period of time? I am currently living in columbus ohio for a job and will need to rent my home for a few months until I move back to California. Does this disqualify me from the tax credit?
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Walk away from a second home?
February 21, 2011
My niece and her husband moved to Las vegas and bought a condo. The job fell through and they are back in LA. Thank God they did not sell there house in Ca.
They rent the condo but it is bleeding them financially.
The 5 year arm is coming do and it is so underwater (ha remember it’s in Vegas) that they will never be able to refi. Any suggestions I can give them? Is walking away and taking the hit on their credit?
They are young and can survive a bad credit score.
Thanks, I would like to help but we are talking over 100K loss.
S and DE: A short sale would be over 100K short and they still have their first home in LA.
I think NV title does not give the bank the right to get other land but I don’t know for sure.
The first guy is wrong, but thanks. The hit on their credit score would be tolerable. They still have OK jobs.