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short sales

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lily2000 Guest	Posted: Mon Mar 16, 2009 6:02 pm    Post subject: short sales Like 0 Dislike 0 We are still trying to figure out if we will owe taxes on our second mortgage of our main residence if we short sale or foreclose in CA. Does anyone know the answer,we keep getting completely different answers?? Thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 16, 2009 8:01 pm    Post subject: Like 0 Dislike 0 Hi lily! Welcome to forums! Though you short sale or foreclose the property, you will still be owing your second mortgage to the lender. The second lender will not forgive your mortgage. If you do not pay the second mortgage, it can get charged off. Sussane

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