Foreclosures Help Information

Posts Tagged ‘Vegas Houses’

Houses Foreclosed In Las Vegas

Question: what will be my liabilities on home being foreclosed in las vegas?

my home is going into foreclosure in las vegas. this isnt my primary home we tried to short sell had an offer the the bank accepted but the mortgage insurance company didnt accept it and wouldnt release the house. they wanted a promissary note that was too much for us so we offered them less and they didnt accept. even the negotiator at countrwide couldnt understand why they would accept it because countrywide feels they can only get 200-220k for home in auction and the offer we had was 259k. the insurance company will have to pay countrywide regardless if its short sold or foreclosed on. they could have short sold it for more money than they will get in foreclosure so they would have to pay less and plus they would have gotten our offer. now we are not giving them anything and there liability will be more since the home will probably sell for less. My question is will anyone come after us for money? alot of people tell me they wont because it cost too much.

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Answer: They, meaning the feds, have recently changed the laws concerning this. It was that what ever the amount was that was forgiven was taxed as regular income and you would get a 1099 for it. Now there is a cap so lets say 250,000 was forgiven and the cap is 240,000 you would get a 1099 for 10,000.
I don't know what that cap is but if you get online to the HUD web site it is full of info on foreclosures. The IRS has a 1-800 help line as well.

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