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mortgage

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Guest	Posted: Mon Dec 22, 2008 11:18 pm    Post subject: mortgage Like 0 Dislike 0 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: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Mon Dec 22, 2008 11:46 pm    Post subject: Like 0 Dislike 0 Welcome Guest, If the property is sold at a lower price than the debts that you owe both to the first and second lender, then the lender will ask you to pay the deficient amount. If you cannot pay it and if the lender forgives this deficient amount, then IRS will consider this as your income and you will have to pay taxes on it. _________________ Procrastination is the enemy of your financial success
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Wed Dec 24, 2008 8:39 am    Post subject: Like 0 Dislike 0 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 _________________ there's always hope! "My credit score shot up 68 points!"

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