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foreclosure

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jane52 Joined: 16 Aug 2010 Posts: 1 1.00 Dollars($)	Posted: Mon Aug 16, 2010 8:54 am    Post subject: foreclosure Like 0 Dislike 0 I bought lots 3 years ago in SC. The prices dropped to less than 50% of the cost. My husband and I are planning on foreclosing the loan. Would we be responsible for anything after non-payment of the loan, i.e., real estate taxes?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 16, 2010 11:05 pm    Post subject: Like 0 Dislike 0 Hi jane! Welcome to forums! If you let the lender foreclose the property, then he would come after you for the deficient balance resulting from the property sale. If the lender forgives the deficient balance resulting from the sale of the property, then depending upon the Mortgage Debt Relief Act, you may not be responsible for paying the taxes on forgiven debt. Feel free to ask if you've further queries. Sussane
Guest	Posted: Mon Aug 23, 2010 6:04 am    Post subject: Like 0 Dislike 0 thanks Sussane! What about the real estate taxes?
Guest	Posted: Mon Aug 23, 2010 10:25 pm    Post subject: Like 0 Dislike 0 I don't think you would be liable for any real estate taxes.

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