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HopingtoFind · 12-03-2008, 06:55 PM

My Father talked to an attorney and this point thinking that Short Sale might not be that great of an idea for him. From what he understood they would be have to pay 1/3 in taxes on the deficiency amount plus the total amount of payments that they did not pay. So for example if deficiency is $50k and 6 month worth of mortgage payments is 18k, he would have to pay 1/3 or $68k. And that is not even counting attorney fees. Am I understanding this correctly?

12-03-2008, 06:55 PM	#10 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 552	Re: Walking away in Illinois My Father talked to an attorney and this point thinking that Short Sale might not be that great of an idea for him. From what he understood they would be have to pay 1/3 in taxes on the deficiency amount plus the total amount of payments that they did not pay. So for example if deficiency is $50k and 6 month worth of mortgage payments is 18k, he would have to pay 1/3 or $68k. And that is not even counting attorney fees. Am I understanding this correctly?