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80/20 split short sale CA

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RR Guest	Posted: Mon Nov 17, 2008 11:02 pm    Post subject: 80/20 split short sale CA Like 0 Dislike 0 I have an 80/20 in CA and am getting behind. My job may relocate me to another state where I will lease not buy. If I sign up for short sale and pay my first and maybe a small part of my second. What will happen to the remainder of the second loan? how will this affacte my 09/10 Taxes. I am not planning on buying whereever I move. I understand a 200-300 credit score reduction and 18-36 month hold on borrowing. I just want some more clear info on Tax liabilities with the new laws and acts just passed. Thanks in advnance _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Nov 18, 2008 12:02 am    Post subject: Like 0 Dislike 0 Hi RR, The second lender can either forgive the deficient amount or may charge it off to a collection agency. If your debts are forgiven, then according to the California Debt Relief Act, you will not have to pay the taxes. If the lender charges it off to a collection agency, then the collection agency will ask you to pay it off. To know more about second mortgage charge off, visit the given link: http://www.mortgagefit.com/know-how/secondloanchargeoff.html Thanks

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