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hockeyplayer · Joined: 29 Jul 2009 Posts: 1 1.29 Dollars($)

i have a primary residence and a second home that were both forclosed in tennessee. I owed 200K on them both they were both sold for 120K..... Do I owe taxes on the 80K and can the bank come after me for the 80K balance on both mortgages

adonis · Posted: Wed Jul 29, 2009 8:03 pm Post subject:

Welcome hockeyplayer,

After the foreclosure sale, the lender has the right to sue the borrower for the deficient amount resulting from the sale of the property. However, if you can negotiate with your lender, he may forgive it.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

hockeyplayer

Welcoem to the forum

To answer you main question, you do nto owe taxes on the deficient amount

The lender may send you 1099C

Good luck and feel free to ask

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do i owe taxes on the negative balance of a forclosed property