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My father obtained a mortgage for my husband and I because I lost my job. Eventually my husband and I found it impossible to make the payments because I lost another job, and another in this wonderful Michigan market. My father has a residence in Florida and is now very very worried about what the ramifications are of the home going into a foreclosure. What are the tax ramifications of the foreclosure for him and can the mortgage company file for a deficiency judgement? The mortgage was for a property in Michigan although he lives in Florida.

smithsussane · Posted: Tue Sep 21, 2010 11:26 pm Post subject:

Hi Rosie!

Welcome to forums!

As the mortgage is in your father's name, the foreclosure will affect his credit badly. It will lower his score by 250 points and he will be liable for paying off the balance dues. The mortgage company will be able to file a deficiency judgment against him. If the dues are not forgiven, then there won't be any tax ramification for him.

Feel free to ask if you've further queries.

Sussane

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Deficiency Judgement After A Home Foreclosure

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