mortgage help

[32ndcareer]

I have a question and looking for help in my situation. I bought my house when the market was hot for 99,000 since the market has turned sour, the value of the house has gone down. I faced forclosure on the house and the mortgage company stopped it.

What I was told by the mortgage company was, the house was charged off, but I would still pay just as I owned the house but would not receive any taxes from the house and they would not take possession of the house.

Now that you know my situation, my question is after I found out that I wasnt receiving the tax credit from the house to report on my federal taxes and hearing from a few people that I should be receiving it, i stopped paying. Should I keep paying on the house and not receive the tax credit or walk away from the house.

[Hector]

Walking away from the house!

Sometimes I think that, everyone living in this country is very fortunate. We go out of our means and buy things and cars and houses that we can’t afford and when time comes, we can leave everything behind, declare bankruptcy and can walk away! I doubt that a person living somewhere else will get a second chance like this ever!

Wouldn’t it be nice if everyone buy stuff only when they can afford? But if that is the case, how US economy will survive? We do need people to spend 22% more than their income!

[maat55]

I'm confused about the tax credit. Is the bank not sending you a report of interest paid that you can write off or are they ceasing a government tax credit?

From what I gather, they are allowing you to rent the property which is not tax deductable.

[autoxer]

my question is after I found out that I wasnt receiving the tax credit from the house to report on my federal taxes and hearing from a few people that I should be receiving it, i stopped paying.

If the mortgage company made you a deal that would let you avoid foreclosure and keep the house, then why would you want to screw them and stop paying?

[32ndcareer]

[QUOTE=maat55;259035]I'm confused about the tax credit. Is the bank not sending you a report of interest paid that you can write off or are they ceasing a government tax credit?

From what I gather, they are allowing you to rent the property which is not tax deductable.[/QUOTE


Correct, they arent sending me anything from the interest paid, that I can write off, and anything to put down on my taxes. I understand about renting the property but nothing was mentioned about that to me or implied.

[32ndcareer]

Walking away from the house!

Sometimes I think that, everyone living in this country is very fortunate. We go out of our means and buy things and cars and houses that we can’t afford and when time comes, we can leave everything behind, declare bankruptcy and can walk away! I doubt that a person living somewhere else will get a second chance like this ever!

Wouldn’t it be nice if everyone buy stuff only when they can afford? But if that is the case, how US economy will survive? We do need people to spend 22% more than their income!

Nobody is living above their means here, the problem lies in these mortgage compainies who dont know what one hand is doing from the other. This is only a small problem of what I told that I have plenty more stories of how the mortgage company lied to me, didnt want to work with me when I was current on my payments and then didnt want to admit fault on their part of, so nobody is living above their means, cause I dont fall into that category of other people.