Foreclosures

Out of context: Reply #30

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  • Boz0

    Josev in some states banks could pin the remainder of your debt (they couldn't get by short selling) to your taxes.. so even if you sold your house you would still be responsible to pay taxes on the difference as income. That's what he is refering to.. the new plan relieves you from that tax.

    Of course, I don't know what's happening with deficiency laws (cause AZ doesn't have that) but I think that's also forgiven so the bank doesn't go after you legally for the remainder of the debt.

    Overall.. it's like this now.. Short sell your house by 2012, you will get $3k back for moving help (if you qualify I guess or something) plus you are free and clear.

    Boz 0Permalink
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    • u can get sued. but ppl have bankruptcy. so they likely just write it off instead of costly litigation.deathboy
    • and that 3k u have to qualify with that gov plan for short sells. my place had a trainwreck of a story. 223k sellign for 55kdeathboy
    • unfortuneatley i didnt qualify and now jsut facign fact that i may have to use the bankruptcy card if lawsuit happensdeathboy
    • you don't have deficiency laws in your state right? Arizona wanted NO on that I think in 2009 and that's why they can't do that here.Boz
    • hereBoz
    • talk about trainwreck dude.. my house $280k being sold now for about $95k actually..Boz
    • I mean they can't sue you like you explained.Boz
    • naw its a state they can come after u. Im hoping they dont find me worth the cost since if they did bankruptcy is in best interestsdeathboy
    • interests. dont have much to com after me for. and a shame if i filed BK since that is my only debtdeathboy
    • shoudl have run wild rackign up credit cards and not being responsibledeathboy
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