Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Chaparral Estates : Real Estate Advice

  • All4
  • Local Info1
  • Home Buying0
  • Home Selling3
  • Market Conditions0

Activity 3
Tue Sep 18, 2012
Ron Thomas answered:
Virginia is a RECOURSE State:
(At least it was recently; things change quickly.)
For those reasons, you should check with a Real Estate Attorney in Virginia:
The Lender could file a Deficiency Suit against you for the amount they lost.
The Time limitations on this could vary.
Every State has different rules and regs.

The IRS should be no problem, at least through this year.
I would hope that you are still paying the property taxes and Insurance.

Good luck and may God bless
... more
0 votes 3 answers Share Flag
Tue Sep 18, 2012
Shelly Thompson answered:
Are you currently living in Arizona wanting to Short Sale your home in Virginia?
0 votes 2 answers Share Flag
Thu Jul 30, 2009
Fred Griffin answered:
Maybe.

See a Real Estate Attorney.

As for Federal Income Tax on the deficiency, you may be protected by
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

http://www.irs.gov/individuals/article/0,,id=179414,00.html

Ask your Attorney and /or your CPA if you want the Lender(s) to give you an IRS Form 1099-C

http://www.irs.gov/pub/irs-pdf/f1099c.pdf

--------------------------
Best wishes,
Fred
---------------------
... more
0 votes 7 answers Share Flag
Search Advice
Search

Followers

289