Deficiency and tax implications on refi when no equity was taken - Loan Modification Forum

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Deficiency and tax implications on refi when no equity was taken

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Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? Need Help with a deed in lieu of foreclosure AKA Take this Home & Shove It! You are not alone. We thought we would add this section to the forum to assist the homeowners that have made the tough decision to walk away from their homes. This is America and you have the right to walk away from contracts and your home. The question is what implications will you suffer for saying, "Take this home and shove it, I aint paying you no more!" Find out the good, the bad and the ugly.

This is a discussion on Deficiency and tax implications on refi when no equity was taken within the Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? forums, part of the Stop Foreclosure and Tell Us Your Story category; As with others, the only reason I'm still in my home is due to the fact that I may face ...

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02-04-2009, 03:46 PM	#1 (permalink)
trappedincali Senior Member Join Date: Feb 2008 Posts: 89 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Deficiency and tax implications on refi when no equity was taken As with others, the only reason I'm still in my home is due to the fact that I may face tax and deficiency issues due to the fact that I refinanced my orig mortgage. After reading several threads, I was wondering if my situation may be different due to the fact that I never got any money from the refinance. I refied a $407k 80/20 IO to $420k 80/20 IO and believe any extra cash went to refi charges since I never received any cash. Does this have any impact on my potential tax/deficiency situation? -Lee

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