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What if I owe more than the property is worth ?

We are not attorneys, and nothing in this website shall be construed as legal advice

There are a few things to consider if you are in this situation

1.  Is the loans on your house purchase loans, or did you borrow on the equity at a later date ?

     If you did, you may have a large capital gain that you will owe taxes on.

2.  You can always do a short sale on your property.  Meaning you sell for less than what is owed.      A good real estate broker that handles short sales can help you with that.  If you are a Veteran, you probably will retain your VA housing benefits, as long as you sell.

3.  Quite a few lenders will give cash for keys.  You may want to check into that if you don't have any equity.  It's a way of getting a little cash for a fresh start.

Please give us a call or email us.  We can help with your questions.

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