That could only provide some relief from their oppressive property taxes :(

The townhouse is likely (well, most likely) be a rope around your neck and it doesn't seem like there's a turnaround in the housing market anytime soon to expect a relief.

It was a relief to just go back to our 43 unit apartment building.

This will undoubtedly stop or delay the current sale, but you might get relief from the deficiency.

There is a homestead exemption that's nice and some relief from sales tax recently installed for homeowners.Worst impact has been the point of sale assessment -- killing alot of deals, especially investment/commercial transactions.

Selling his property at a discounted rate like Rich suggests (11-12%) for the same price he bought it for would provide him with the relief he needs.

I thought it was worth passing along.Nine Facts about Mortgage Debt Forgiveness If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.

I'm not concerned with respect to a deficiency resulting in a 1099-C, as a seller is protected against either via the Mortgage Debt Relief Act (owner-occ) or via insolvency (non-owner occ), although educating and convincing a misinformed lay person or realtor can be quite a challenge on the tax forgiveness issue as well.Another frequent objection from sellers and agents alike is that because my offer is so low, it will create an unecessary delay when they're of the belief the bank will most likely deny a "lowball" investor offer in the end - and all those weeks or months in which an offer at or close to market value could've been accepted were forfeited in vain.

If the property is upside down, then you still can have a deal.A lot of times the mortgage company will request a motion for relief from stay, in which the property will be removed from the bankruptcy, due to the fact there is no equity (negative assets).

It would be a relief to have the work done for me especially if I end up buying more houses in the process.