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 mybulls2003
Joined: 12 Jun 2009
Posts: 1
1.41 Dollars($)
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 Posted: Fri Jun 12, 2009 3:33 pm Post subject: Penalties for foreclosure |
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| I'm about $155K under water in my home. My boyfriend just purchased a home and I'm deciding what to do (short sale, rent or foreclose) with my home. My mortgage payment is too high and a renter won't pay the entire amount and with the new mortgage on my boyfriend's house and the difference between renter and mortgage, we can not afford to rent the home. I can't afford to pay both mortgages, so a short-sale may not work. If I choose foreclosure, what are the penalties. Can the lender come after me for the $155K? |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Fri Jun 12, 2009 8:35 pm Post subject: |
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mybulls2003
Welcoem to the forum
If the house gets forclosed you will have a huge impact on your credit score and depending on the lender they will probbaly send you 1099C form which will be considered as income for you.
Due to the current law you will not be liable for any taxes on it.
Good luck and feel free to ask |
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sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
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| Posted: Sat Jun 13, 2009 9:17 am Post subject: |
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why this 1099c form require?
Can you explain Realgeni |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Sat Jun 13, 2009 6:32 pm Post subject: |
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Sunil87020
1099c is give to you when some one cacnels your debt you owe. This is counted as income for you.
Good lucka and feel free to ask |
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clundberg4
Guest
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| Posted: Sat Jul 18, 2009 8:51 am Post subject: |
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| Can I refinance my primary home loan if I foreclose on a rental property? |
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jesse ferguson
Guest
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| Posted: Mon Nov 02, 2009 1:24 pm Post subject: divorced, wife has possession of home, is filing bankrupt |
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My wife took the house and failed to keep up payments after divorce,
She is filing bankruptcy. will the lender come after me? |
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