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Rental going into foreclosure – will they come after my wages or will I be taxed?

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We have a that we can no longer afford payments. If it goes into , will they come after our or make us do a 1099? We do not want to do a .

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  1. ArLorax on Jul 27, 2010

    You can do the 1099 for the difference between the foreclosure and resale amount versus what you owe, but the difference can be substantial because foreclosure is expensive. If the amount is a substantial difference, they can still pursue you in court and attach your wages as they will want a lien against you for the remaining balance. Also, this will wreck your credit, so try to get the house sold if possible and avoid the foreclosure on your CBR and the foreclosure costs.



  2. oskarmyloanguy.com on Jul 27, 2010

    1099 at the end of the year for the diference of what you owe and what the bank forecloses on.


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