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Home Selling in Baldwin Park : Real Estate Advice

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Activity 1
Tue Feb 4, 2014
Ron Thomas answered:
There are possibly four things to consider:
1.) The Foreclosure takes care of the Loan and in California, (a Non-Recourse State), the Lender cannot come after you for the DIFFERENCE. (There may be an exception to this if you refinanced and took money out: you may need to do some dilligence on this.)
2.) The IRS will not be after you for the paper profit on the difference; because of the Debt Cancellation Act of 2009. You may still own some STATE taxes, so you should ask your tax preparer.
3.) Property Taxes are still owed by you and probably will follow you.
4.) HOA fees, if any, may follow you too.

Good luck and may God bless
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