"Ralph, Based upon my conversation with local property management companies, I will clear only about $800 after fees. Because of slow sales in the area, far more properties are for lease. This means that even mid to larger homes are renting for less because pricing has to be competitive, and it is taking longer to rent out houses because of the abundance of inventory. This also means that I would have to put $500+ dollars to the actual mortgage each month as well as pay rent at my new place when I..."    View Post

"Yes. I thought about that too. I will check with my bank and work with the credit simulators. If I lacked integrity, I'd voluntarily default like many others have done just to increase my chances of the bank "working with me," but my conscious will not allow it. Looks like I may just be out of 10k if nothing else works out. And to top off, no credit for my next purchase when i relocate. I just wish I had not added the post-closing upgrades. Thanks for your reply."    View Post

"Yes. I guess you are right. Thanks for the post."    View Post

"BTW, does anyone know why you have to have been in your present home for five of the previous eight years in order to qualify for tax credit?"    View Post

"As is the case with many, I am ineligble for the first-time homebuyer credit. I am also ineligible for the current homeowner credit because I have been in my home for less than five years. I talked with a realtor and appraiser and I owe $10,000 more on my home than it is worth (despite all of the extra payments I have made on my mortage since closing in April 2007 and the post-closing upgrades). If I sell for less than I owe, it is a personal loss for which I get no type of tax credit. A short sale..."    View Post