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Our house is being foreclosed upon. I don't think it will sell at auction for what we owe on it due to the market in the area. Are we responsible to pay the difference? Our lender said no, but would not get that to us in writing. Does anybody know?

kingno1 · Joined: 25 Apr 2008 Posts: 61 21.25 Dollars($)

You will get the 1099-C for the difference amount, which you need to show when filing taxes. As for federal, you would not pay taxes due to Mortgage forgiveness rule, valid till 2012.

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