You might want to look into doing a commercial loan workout.
Please feel free to contact me.
This would depend on whom your lender is. Most Life Insurance Companies, Pension Funds and REITS are non-recourse. Check you loan documents to find out.
In CA all residential is non-recourse. New ruling about two months ago.
Happy funding, Rudi
The State of California also exempts homeowners from state taxes owed on mortgage debt relief. It passed the Conformity Bill of 2010, which extends similar exemptions to citizens of California for state income tax.
That's the general answer. Now Sally, what about your specific situation? The final answer is, it depends.
My recommendation is that we talk about your specific situation, and I'll be happy to point you in the right direction. I am certified in all aspects of distressed property sales and head up the short sale department with Coldwell Banker. You may contact me below.
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative|Certified Distressed Property Expert |Pre-Foreclosure Specialist Certified|Investment Property Specialist Certified
We work with the bank to get them to agree to release you of any future deficiency judgments & no they can't go after other properties you own. The Mortgage Debt Forgiveness act is not on your side for short selling an investment property but you can still work with you CPA to try to prove insolvency if you truly are & thus not pay to the IRS "income" on the negative balance between what you owe & what the bank nets at the short sale closing.
Please email me directly so we can talk about this some more, I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
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