Posted on: 29th Jul, 2009 03:30 pm
i have a primary residence and a second home that were both forclosed in tennessee. I owed 200K on them both they were both sold for 120K..... Do I owe taxes on the 80K and can the bank come after me for the 80K balance on both mortgages
Welcome hockeyplayer,
After the foreclosure sale, the lender has the right to sue the borrower for the deficient amount resulting from the sale of the property. However, if you can negotiate with your lender, he may forgive it.
After the foreclosure sale, the lender has the right to sue the borrower for the deficient amount resulting from the sale of the property. However, if you can negotiate with your lender, he may forgive it.
hockeyplayer
Welcoem to the forum
To answer you main question, you do nto owe taxes on the deficient amount
The lender may send you 1099C
Good luck and feel free to ask
Welcoem to the forum
To answer you main question, you do nto owe taxes on the deficient amount
The lender may send you 1099C
Good luck and feel free to ask