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We are in our 60's just retired and are Upside Down in our Rental property. We are thinking of walking away!!!!

We bought this house in 05 on a 10 year( Interest only).We put $90,000down from another rental we sold on a 1031 transfer..Our idea was to hold this till retirement, sell, and pay off our home ..(So much for dreams) We not only lost the 90,000 but the house is down another$40,000.They are selling for around $110,000..We will never recoup.the loss .we have great credit ,never been late on either house but we will still owe Capital Gains on the money lost.Plz Help... We live in Arizona

Question posted for: Surprise, AZ
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145

Did you talk to your lender about the possibility of a short sale?

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1001974

Short sale is an option however if you do the short-sale you must make sure you receive a letter from your lender that clearly states they will not come after you for the differences of they lien vs. the sales price. please talk to a local expert and keep in mind that lender's can come after you even after the short-sale is completed to recover the loss they had.

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