Posted on: 11th Jul, 2010 03:58 am
I had two properties , one in which I am trying to do a deed in lieu ( lets call it proprty A) on and the other I alerady did a short sale on( lets call it Property B). B had a line of credit attached to it which was "charged off" but I had to sign a note that I am still responsible for it of 58,000 and they are comming back to me for it now and keep calling me.. I do not have the money for it . ALso when I did the short sale I did not have any notation either way that the differnece of the loan was written off.I was told I will find out later if I get a 1099 or not and am reading that they can come after me up to 5 years when reading on line. I call the bank to ask before I signed off on the short sale but they say that is how they do things . How do I know or how do I get this issue resolved. What are the consequences . What should I do. Can I buy another house in the future and what will be the consequences on that. How do you suggest I get this resolved. I am 50 and have to start all over. These were investment properties.I would like to have a house of my own to live in but I am afraid it will all be taken away.
Investments properties are always recourse loans, which means they can come after you for the deficiency if they choose. It's highly unlike you will be able to purchase again for at least 7 years after defaulting twice on investment properties.