Re: Planning a Foreclosure in CA, avoiding a Deficency Judgement
Posted by OC Andy on October 16, 2007 at 15:46:17:
In Reply to: Planning a Foreclosure in CA, avoiding a Deficency Judgement
Posted by DomCA on October 16, 2007 at 13:05:04:
Dom:
Judicial foreclosure in Ca is very rare - takes a much longer time to pursue and is also more costly. DJ are allowed if the foreclosing lender chooses a Judicial foreclosure rather than Non-Judicial.
You are likely to be impacted by a "foreciveness of debt", though. this happens when the sales price of the home is less than the outstanding balance of your loans. This amount is reported to the IRS and is treated as taxable income.
What courses of action have you tried so far to sell your CA home? Is it listed with a Realtor or is it FSBO? Have you considered offering it under flexible terms to attract non-A-paper buyers and open up your pool of prospective candidates?
Follow Ups:
- Re: Planning a Foreclosure in CA, avoiding a Deficency Judgement - DomCA 10:12:37 10/17/07
(2)
- Re: Planning a Foreclosure in CA, avoiding a Deficency Judgement - Jugband 11:26:07 11/03/07
(0)
