Compare Mortgage Quotes

Pkelly72 · Joined: 19 Jan 2010 Posts: 1 1.25 Dollars($)

I lost my home to foreclosure. I owed 300k the bank sold the house for 79k. What is going to happen to me this tax year and what should I do?

smithsussane · Posted: Tue Jan 19, 2010 11:54 pm Post subject:

Hi Pkelly!

Welcome to forums!

In California, the lender will not be able to sue you for the deficient balance resulting from the sale of the property. Thus, it will be considered as your income by the IRS. However, California has the Mortgage Debt Relief Act according to which you won't have to pay the taxes on the deficient balance.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

California foreclosure and taxes