AZ Forclosure questions

Posted by DanaV on January 29, 2009 at 23:49:48:

I have exhausted all options on my home that I have been defaulted in for 6 months now. I owe 261K, we put it up for SS, and the house was listed @ 140k, and we currently have an offer for 120k on the table. I thought I could get my load modified (its Fannie Mae) and applied for it, only to have them come back and say that they would reduce my payment a whopping 200 dollars. Still cant afford the offer they gave. So, we will continue to try and short sale. The trustee sale date is for the 10th of Feb. My questions are this: Since I'm in AZ, can I still get a deficiency judgment, also, I know that the lender WILL 1099 me, but since it was my primary rez, can i get covered by the tax relief act? Im going to end up owning a 140k or so debt. Im also considering BK. Thoughts or recommendations? Thanks in advance.

Dana

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