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Re: Deficiency Judgment in California

Posted by Mike on January 05, 2007 at 12:48:27:

In Reply to: Re: Deficiency Judgment in California posted by Jim V on January 05, 2007 at 11:11:23:

Hi Mike, I have an 80/20 mortgage loan, would this make any different if the bank foreclosed my house? Do I have to pay for the 1st mortgage or 2nd mortgage loan if I let the house go into Foreclosure? I really can't afford to keep the house payment anymore and I don't want to do short sale because I heard you have to pay taxes for the amount difference of the sale and what I owed to the IRS. I think Foreclosure is the best option even if it will be on my credit for 7 - 10 years. One thing I just want to make sure I don't owe the lender or IRS any money for doing this. Please advise.

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