Re: mortgage sold while in forclosure? OHIO

Posted by NJDave on February 22, 2006 at 17:09:36:

In Reply to: Re: mortgage sold while in forclosure? OHIO posted by Lisa on February 22, 2006 at 13:15:52:

Well, only you know what's really best for you and your family. You could walk away and leave the mess for someone else to clean up. Or, you could try to mitigate losses and sell the house via a preforeclosure short sale. You would petition the second to accept less than they are due. If things are as you say, they'll probably agree. The IRS form 1099 is moot. You have no personal responsibility to pay. You are probably insolvent and the "income" would be exempt from tax anyway.

The next best thing would be to have the second mortgage lender take back the house... without having to foreclose. You could offer them a Deed in Lieu of foreclosure.... hand them the keys and be on your way.

The worst, least responsible course of action would be to simply walk away.

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Comments:
: Well, only you know what's really best for you and your family.  You could walk away and leave the mess for someone else to clean up.  Or, you could try to mitigate losses and sell the house via a preforeclosure short sale.  You would petition the second to accept less than they are due.  If things are as you say, they'll probably agree. The IRS form 1099 is moot. You have no personal responsibility to pay. You are probably insolvent and the "income" would be exempt from tax anyway.

: The next best thing would be to have the second mortgage lender take back the house... without having to foreclose. You could offer them a Deed in Lieu of foreclosure.... hand them the keys and be on your way.

: The worst, least responsible course of action would be to simply walk away.


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