Posted on: 12th Jun, 2009 03:33 pm
I'm about $155K under water in my home. My boyfriend just purchased a home and I'm deciding what to do (short sale, rent or foreclose) with my home. My mortgage payment is too high and a renter won't pay the entire amount and with the new mortgage on my boyfriend's house and the difference between renter and mortgage, we can not afford to rent the home. I can't afford to pay both mortgages, so a short-sale may not work. If I choose foreclosure, what are the penalties. Can the lender come after me for the $155K?
mybulls2003
Welcoem to the forum
If the house gets forclosed you will have a huge impact on your credit score and depending on the lender they will probbaly send you 1099C form which will be considered as income for you.
Due to the current law you will not be liable for any taxes on it.
Good luck and feel free to ask
Welcoem to the forum
If the house gets forclosed you will have a huge impact on your credit score and depending on the lender they will probbaly send you 1099C form which will be considered as income for you.
Due to the current law you will not be liable for any taxes on it.
Good luck and feel free to ask
why this 1099c form require?
Can you explain Realgeni
Can you explain Realgeni
Sunil87020
1099c is give to you when some one cacnels your debt you owe. This is counted as income for you.
Good lucka and feel free to ask
1099c is give to you when some one cacnels your debt you owe. This is counted as income for you.
Good lucka and feel free to ask
i recently lost my 67,000/year job and their is no hope in finding another job in my field in this area. i gave my last money to keep the house 1 more month. i owe 179k, and the realtor said its tax value is 150k. i cant afford my 1419/mo. mortgage on unemployment. please, please help me. we have no family or friends in this state. thankyou.
Hi matt,
As you're facing hardship in paying your mortgage dues due to your unemployment, you should contact your lender and inform him about the same. You should apply for a loan modification with your lender which will help you in getting affordable rates and terms in order to pay off the loan.
Take care.
As you're facing hardship in paying your mortgage dues due to your unemployment, you should contact your lender and inform him about the same. You should apply for a loan modification with your lender which will help you in getting affordable rates and terms in order to pay off the loan.
Take care.