Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

California taxes after short sale.

Posted on: 05th Nov, 2009 03:33 pm
hi i live in california and i am on the process of a short sale house price 260k loan amount 610k what are the taxes after a short sale and is there any tax relief law or what can happen after the sale i known bank will file a 1099c for the loose amount never been late on any payment house value decreased by more than 50% bank denied two loan modifications and at this time short sale is the only way out interest rate will change on 2014 on first loan of 450k and i will have to pay in full amount the 2dn loan of 160k
Welcome mofast,

In California, as far as I know, the lender cannot sue you for the deficient amount resulting from the sale of the property. In such a case, the deficient amount would be forgiven. Depending upon the Mortgage Debt Relief Act, the taxes can be forgiven. To know more, you can check out the given page:
http://www.mortgagefit.com/california/debtrelief-act.html
Posted on: 05th Nov, 2009 11:37 pm
Page loaded in 0.051 seconds.