Deficiency Judgment(rental v owner ocupied)
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robik1
October 31, 2009 10:22PM
Is there any difference in treatment of DJ (pursue v not) if the loan is investment v owner ocupied?.
I stress loan not property because many of them were never intended for owner ocupied only to get favorable terms of loan(better %,RE tax ,lower ins rate) and nobody really enforced this important condition.So far i hear that many of them walk away with no deficiency any sort ,no 1099 after staffing their pockets with multiplied refi cash out money and walking away or short selling after sucking out all equity.
I disclosed on loan aplication rental purpose only to get stuck with higher interest, RE tax and ins
My loan(with 30% down which i will never see again) will adjust next year ,rent will not cover the carring cost anymore ,am ready for the worst .

In the best scenario i will be in best position getting 1099 for forgiven debt(payable for rental) if DJ is not pursue.
Am i missing something here?
Property is in Chicago.
120k First loan AHMSI
90K HELOC for gut rehab
rest for rehab from saving
CMV 130K if lucky to sell
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Subject Author Views Posted
Deficiency Judgment(rental v owner ocupied) robik1 119 October 31, 2009 10:22PM
Re: Deficiency Judgment(rental v owner ocupied) Jim V 66 November 02, 2009 08:22PM
Re: Deficiency Judgment(rental v owner ocupied) robik1 67 November 03, 2009 10:19PM
Re: Deficiency Judgment(rental v owner ocupied) Jim V 59 November 04, 2009 01:20AM
Re: Deficiency Judgment(rental v owner ocupied) robik1 76 November 04, 2009 11:20PM
Re: Deficiency Judgment(rental v owner ocupied) Jim V 61 November 05, 2009 01:52AM
Re: Deficiency Judgment(rental v owner ocupied) robik1 44 November 07, 2009 09:20AM
Re: Deficiency Judgment(rental v owner ocupied) steele in minnesota 43 November 07, 2009 09:30AM
Re: Deficiency Judgment(rental v owner ocupied) robik1 45 November 07, 2009 02:22PM
Re: Deficiency Judgment(rental v owner ocupied) steele in minnesota 56 November 07, 2009 03:18PM



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