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lizagentile · Joined: 26 Jan 2010 Posts: 1 1.41 Dollars($)

I currently have a rental property that's foreclosed by HOA last november. I have been trying to work something out with the Lender but any attempts failed. Now the HOA is renting it out to collect back maintenance fees. According to the Lender they don't know when they are going to foreclose on me. I'm thinking of filing bankruptcy due to high balances of my credit cards from supporting that rental for a year of vacancy.

Should I wait until the Lender foreclose on my rental property and file for bankruptcy? The debt forgiveness is only until 12/32/09 but I'm still waiting until the Lender foreclose.

I know I will be getting a 1099 for the difference of the loan and the sale price which I will have to pay taxes on but if I wait until it foreclose, can I include that on my bankruptcy. If I don't and can't pay the tax on it, will our wages be garnish?

Please help if anyone can suggest what I should do.

gmakerley · Posted: Tue Jan 26, 2010 9:07 am Post subject:

liza, how is it that you can "have" a property that's already been "foreclosed" by the homeowners association? and how does your lender still have an opportunity to contemplate whether or not to begin its own foreclosure action?

something here (most of it) doesn't make any sense. can you please clarify your situation?

as for taxes that might be due - if you're talking about income taxes, that's a query better sent to the irs or to your tax advisor, if you have one.

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HOA Foreclosure