Jump to content

two homes, job issues, short sale, foreclosure, 1099c, aaahhh


2nzigo
 Share

The last post in this topic was posted 4358 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

We own a home in Florida that is worth about 50k less than what we owe. Due to a job transfer, we moved out in 2007 and have had the house listed off and on without any success. At the current time, the home is almost 2 months behind. Just this week, we experienced a financial hardship that will mean another move for another job. Therefore, we have a second home (KY) we need to sell or do whatever. We plan to rent for a number of years until we can buy again but I'm not sure the best way to manage this situation. The home in Florida is definitely going to either short sale or foreclose (BOA). The home in KY hasn't been appraised yet so I don't know what's going to happen. There is a good possibility it will have to be a short sale or foreclosure too due to the market. I know the ramifications on credit but given deficiency judgements, 1099c, and whatever else, what is our best option? I am afraid that if we either short sale or foreclose on the homes, we will have a ton of taxes to pay due to the 1099C. Then the only option is bankruptcy? Any suggestions of our next step in this difficult situation are welcomed. What would you do?

Link to comment
Share on other sites


The last post in this topic was posted 4358 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      183,365
    • Most Online
      2,046

    Newest Member
    rcmartinezjr
    Joined
×
×
  • Create New...

Important Information

Guidelines