Re: foreclosure auction help

Posted by Don Levy on December 26, 2007 at 22:27:12:

In Reply to: foreclosure auction help posted by alison on December 26, 2007 at 21:38:01:

It depends on what state you live in whether you can have a deficientcy judgement filed against you or not. If you're in a trust deed state and the house was your residence and the foreclosure was the 1st trust deed then you won't have have to worry about being sued for the difference. One thing to remember in a short sale no matter where you live is that the difference between the loan amount and what you sell it for is income in the IRS eyes and has to be declared. Too late for a deed in lieu.
Good luck
Don

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