Deficiency Judgments--Real Estate Foreclosure?
Question:
Answer:
Most states allow a lender to pursue a deficiency judgment when a foreclosure sale does not cover the outstanding loan. Try to work something out with your lender before the foreclosure process proceeds any further.
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Hi,
Checkout http://foreclosure.financialdealsonline. for some valuable tips on the matter. Good luck.
It would depend on what you signed at closing. If you signed a "promissory" note, that means you personally promise to repay. Thus they can (not will) file a 1099 to the IRS of any deficiency in liquidating the property your defaulted on. Meaning any difference would become your income and taxable according to the IRS.
If you are not in foreclosure but having some difficulties, you might consider this counseling service approved by HUD 888-995-HELP
LAWS: http://government.westlaw.com/linkedslic...
State bar Association: http://www.dcbar.org/
really depends
http://www.theforeclosuresinfo.com/san-f...
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