I went through a similar situation last year, where my family had to move to Texas due to a job transfer. We lived in Naples Florida as well. our property values plummetted, and when we interviewed realtors to handle the sale, the consensus was that we could not sell the house to pay off the outstanding balance of the mortgage. They realtors recommended a short sale, which I had never heard of a short sale, so it sounded really scary to me. i did some research online and found this really helpful website. I highly recommend you take a look at it. i think it will alleviate some of your concerns.

http://naplesforeclosure911.com

sweveral of the articles cover the short sale process, explaining what happens, etc. more than I can say here. Anyway, I called up the real estate agent that specializes in short sales in Naples. That’s really what you need…..is to use someone local in Naples, who is set up to help you and can explain things to you. And most importantly, help you reach your desired goal. I called the agent who handles short sales in Naples on this website. She was really great. i forget her name. but she did get my short sale done, and that’s all that matters.

Anyway, I hope that helps.

Good luck and let us know how it goes!!!!
References :
http://naplesforeclosure911.com

If your loss was disallowed because of the wash sale rules, add the disallowed loss to the cost of the new stock or securities. The result is your basis in the new stock or securities. This adjustment postpones the loss deduction until the disposition of the new stock or securities.

Read http://taxipay.blogspot.com/2008/04/list-of-articles.html
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Next, you do not short sale your house. You find a Realtor that has short sale experience, and that you can relate to. Some people will tell you that you need the barracuda short sale specialist, this is nice, but this is someone you are going to have to work closely with. If you despise this person, this is going to cause you more stress. You may need someone that is much counselor as short sale savvy. Then you submit all the financials that are required (typically two years of tax returns, two months of bank statements, hardship letter, etc.) Your husband is going to have to do this as well.

Your Realtor can talk to your husband. You do not need to be the bad person here, your Realtor can address the situation. A Realtor costs you nothing, the bank is going to pay this out of their proceeds.

When you answer the phone, tell the bank you are pursuing the short sale. The bank will tell you that you need to keep up your payments in the meantime. They will say they are foreclosure soon. They will stomp, threaten, send certified letters, send people to take pictures, have property values done, it will not be fun. But know that you are doing the right thing to move forward for your children.

Once you commit, feel empowered that you are working with someone that is going to help you through this, it will get easier. The bank cannot do much to you besides try to intimidate you at this point, just find your strength, have some canned responses for when they call.

Good luck to you.
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Oregon Realtor

2. x + 7(x+4) = 68 since they are consecutive odd number the largest must be the smallest + 4, so this reads the smalles + 7 times the smallest + 4 = 68. Solve for x.

3. This is a little more complicated than the 1st 2 because there are 3 unknowns that have to be expressed in terms of just one of the sides and we really do not know at this point which is the longest.

a, b, c be the 3 sides. a + b+ c = 71
a + 3 = b
c = 2a

substituting for b and c we have a + a + 3 + 2a = 71

solve for a then b then c.

4. m, b, p
p = 3b -1 pete ran 3 times as far as bill – 1 km
m= b + 8 mike ran 8 further than bill
p = m + 15 pete ran 15 further than mike

substitute for p in the 1st equation

m + 15 = 3b – 1

then substitute for m in the above equation

b + 8 + 15 = 3b – 1

solve for b.

5. n, n+1

2n + 7 = n + 1 n+ 1 is 7 more than twice the smaller

solve for n.

6. a length of rectangle, b width of rectangle, c length of square are the sides of the figures.

2c – 4 = a length of rectangle is 4 less than 2x the side of square
c – 6 = b width of rectangle is 6 less than side of square

4c = 2a + 2b the parimeters are equal

solve for c by substitution 4c = 2(2c-4) + 2(c-6)

ps my favorite song is "Don’t Fence Me In"
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Example: On March 31 you sell 100 shares of XYZ at a loss. On April 10 you buy 100 shares of XYZ. The sale on March 31 is a wash sale.

The wash sale period for any sale at a loss consists of 61 days: the day of the sale, the 30 days before the sale and the 30 days after the sale. (These are calendar days, not trading days. Count carefully!) If you want to claim your loss as a deduction, you need to avoid purchasing the same stock during the wash sale period. For a sale on March 31, the wash sale period includes all of March and April.
References :
http://www.fairmark.com/capgain/wash/ws101.htm

What type of loan do you have? If it is either a Fannie-Mae or Freddie-Mac you might be able to get a reduction in payment. Goggle HARP Mortgage Program.
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