Asked by Luie, Los Angeles, CA • Sat Jun 18, 2011
after much effort and no agreement on a solution,my lender has allowed me do standard shortsale. with an outstanding loan balance of $520,800 thr bank has agreed on a buyers $357,000 offer. my bank sent me a letter saying , after the sale is complete and im moved out , that i will owe nothing more and i even called several times to ask if i will be laible for any taxes or penalties on the remaining diffrence. the lender says no. the realter also agrees, except my lender now says i will reaceve a check for $35,000 to help with my moving expenses and to get me into a new place. what are my tax inplications? and is there someone outhere with same situaion? ive heard of lenders giving $3500 max. im not overly excited about this , i feel there is a seriou catch here.. whats the deal??
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