Posted on: 29th Mar, 2011 01:51 pm
I just want to be make sure that I understand how this works. We have a 1st with a balance of $88,000 and a second with a balance of $141,000. We are looking at a foreclosure but currently have the home listed as a short sale for $170,000. If the home goes to foreclosure and they sell it at a loss, we can use our tax assement to show what the house is worth and have the definiency lower to the difference of the two.
hi randolu,
it will be your cpa who can help you in knowing whether or not you'll be able to lower the deficiency. you can go for a deed in lieu of foreclosure provided both your lenders agree to it. in such a situation, you won't be liable for paying any deficient balance to the lender.
it will be your cpa who can help you in knowing whether or not you'll be able to lower the deficiency. you can go for a deed in lieu of foreclosure provided both your lenders agree to it. in such a situation, you won't be liable for paying any deficient balance to the lender.