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I NEED SOME HELP / ADVICE PLEASE!!!

I need to make a decision today... I am confused.

I have a home in Maryland that I tried to sell because I had a house build in West Virginia and moved jan 1, 2008, I picked the wrong time couldn't sell my house in maryland and ended up renting it. I had an ARM the mortgage went up and I was already short. Stop making payments hoping I could get loan mod only to find out can't do loan mod on rental.

Now I am in foreclosure....If I let it go can they come after me for the difference of loan if they sell for lower than what I owe and will there be capital gain for me? Will the tax relief debt apply to me because I lived there for 12 years up until 1 year ago?

jameshogg · Posted: Mon Mar 16, 2009 12:45 am Post subject:

Hi tjssb,

The lender will be able to claim the deficiency judgment from you if the property goes into foreclosure. If the property is sold at a lower price than what you own, then you will not have to pay any capital gains tax.

As Maryland allows deficiency judgment, the lender will be able to claim the deficiency amount from you though the property is your primary residence. As far as the tax relief is concerned, it will come into question if the lender forgives the deficient amount resulting from the sale of the property.

Thanks

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