The trouble is that people may not know each other extremely well in some of these cases and all parties are worried one of the signers will run off with the money.

Well I wish you would have posted here BEFORE closing them out.Length of credit history in good standing DOES affect your credit scores.If you have other credit that has a long history it shouldn't affect you that much.If however closing the 3 credit cards with 7 years of history you know only have a few credit lines with only 1 year or 2 of being open that is not great.In the end it shouldn't hurt you too much.When they made the new credit card rules last year or was it the year before credit card companies raised interest rates and annual fees from no fees.So what happened is the great credit people lost benefits because Obama wanted people with bad credit to not be taken advantage of.The credit companies simply restructured to make the same money.So A law passed that had good intentions but was misguided.The government believes when they pass a law people or companies will just take the loss but it never happens.So in the end these laws are just spinning wheels and not doing anything.I know many people who have closed their accounts once interest rates go up or annual fees are imposed.The downside is people want to maintain credit but some credit companies have been closing accounts if you don't use enough and they make a certain amount of interest off of you.It is getting rediculuos.

in my case, the benefits of cutting losses via short sale or default would not outweigh the costs of credit deterioration. i plan on making investments in the future and i need to maintain my credit standing. more importantly, i dug myself into this mess and i want to get out in a respectable way. i'm wondering if i do sell, will i be able to benefit from capital loss to offset future gains.thx for the responses all!

There might not be, however, a guarantee that they sell you the property so you will want something to protect you where they agree, as individuals and as heirs, to sell you the property at whatever price both parties agree to.

Ultimately, I just want to get my feet wet doing almost anything as I can not afford/bare standing on the sidelines any longer.

In fact, I would think that if they were flipping their first home and you cleaned out someone’s hard-earned SDIRA thru foreclosure of their flip, you could still be in a world of hurt standing in front of a judge.Jeff

Had you been given seller concessions, you should have been well aware of how much they were and they would have been on the HUD.Discuss it with a lawyer it you wish, but I don't think you have a leg to stand on.

Well, Curt, appreciate your standing right up.

If this were you, would you flush away $4k and pay your landlord to stay or would you pay first month, last month, and deposit on a new place and party with the rest?

She didn't get any repairs :wink: , not that it needed much at all.Needless to say, she hinted that the appraisal value would come in significantly lower than our contract amount, givnig her the ability to re-negotiate the price of the house due to the 3rd party financing addendum.