I wouldn't ruin my credit for 250 bucks a month.I highly doubt it would take 10 years to reach a payoff you could handle.A residential recovery and workout of toxic loans is at max about 3 years away on a national level with some areas performing and recovering much faster.Why not go to the bank and say rents have gone down and I am struggling.Ask for them to renew the next time at 3 or 4% interest.That will make the gap smaller and go up in rent just a little but not much.Yes insolvency will wipe out any 1099 phantom gain as long as your liabilities exceed your assets.Most local banks all have you sign a personal guarantee.They consider it YOUR WORD as a vice president has told me that you will honor your contract (one of my clients short selling an apartment).The bank said at that time they DID NOT want to short sale and favored instead writing the interest rate down and extending the loan another year at a frozen rate and see what happens.Banks do not want to DUMP everything like people believe.They only cut out properties they see as having no chance of a recovery in the future or a liability if the took back (war zone,environmental issues).In that case they will usually sell the note if it has environmental issues or they don't want to foreclose.I would try the options I have above instead of ruining credit.

Colorless, odorless, highly, highly toxic.

I think S&P needs to look into the mirror because they're the ones that were passing out AAA ratings to toxic CDO's like they were candy.

I find that slide show format really irritating.

He is toxic and pathological.

- The Toxic Avenger - Licensed to Drive - The Lost Boys - Men at Work - Airplane I can smell the Aquanet now!!!!

His reasoning is as Tracy says she has hundreds of files on her desk and is always irritated when he talks to her.

The two worlds mix very well in the good times, but are toxic in bad times.

I have a friend who just started buying up "toxic mortgages" - delinquent mortgages from various lenders at a deeply discounted rate.

I'm so tired of my fax/printer/scannerI wrote a blog a while back on how irritating my fax/printer/scanner really is.