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Guest	Posted: Mon Dec 22, 2008 11:18 pm    Post subject: mortgage I have two mortgages and I am looking into foreclosure. Can the lender send you a tax bill for the second mortgage?
adonis Joined: 22 Oct 2005 Posts: 3852 Location: ALASKA 120.89 Dollars($)	Posted: Mon Dec 22, 2008 11:46 pm    Post subject: Welcome Guest, If the property is sold at a lower price than the debts that you owe both to the first and second lender, then the lender will ask you to pay the deficient amount. If you cannot pay it and if the lender forgives this deficient amount, then IRS will consider this as your income and you will have to pay taxes on it. _________________ Procrastination is the enemy of your financial sucess
banker0679 Community Experts Joined: 15 Nov 2007 Posts: 332 Location: Charlotte, North Carolina 1.41 Dollars($)	Posted: Wed Dec 24, 2008 8:39 am    Post subject: Good Morning and Welcome to Mortgagefit! You will need to find out if your state is a 'deficiency state'. I know Florida is a deficiency state, and the 2nd lender will come after you for the money owed. It's best to speak to a real estate attorney who will be able to help you out Good luck and keep us posted! Robert _________________ Mortgage Refinance Loan Modification North Carolina Mortgage Rates

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