Questions to ask when talking to attorney and CPA

[hopelessinCA]

Hi everyone, I'm a newbie here and have read some of great posts on foreclosure and short sale because I'm trying to short sell 2 propteries one in CA and one in AZ. There was an advice for anyone who heading to short sale/foreclosure to talk to an attorney for legal matters and to a CPA for tax.


Since the consultation fee is not cheap, does anyone have a list of questions so we can ask them all in one meeting with them?

Thank in advance.

[TomEason]

hopelessinCA

Thanks for your post and welcome to Loansafe. I don't think anyone can give you a list of questions to ask without first knowing the situation on your properties, and how much you already know.

If you already know quite a bit about CA and AZ mortgage and FC law, your list of questions will, needless to say, be on a much higher level than if you know little, and hence must ask a lot of basic stuff.

Good luck.

[hopelessinCA]

hopelessinCA

Thanks for your post and welcome to Loansafe. I don't think anyone can give you a list of questions to ask without first knowing the situation on your properties, and how much you already know.

If you already know quite a bit about CA and AZ mortgage and FC law, your list of questions will, needless to say, be on a much higher level than if you know little, and hence must ask a lot of basic stuff.

Good luck.

Thanks Tom.

I gain some knowledge from reading posts in this wonderful forum. However, I must ask them (attorney/CPA) both what I knew and what I don't to confirm.

What I am looking for is a list of high level areas (questions) so I will go through it with the attorney and CPA and let them explain how it applies to my situation. Something like this:

Attorney's questions:

- Deficiency judgement
- How to determine my loan is recourse on non-recource
- Consequences for both short sale and foreclosure scenarios.
- etc.

CPA's questions:
- Qualification for The Mortgage Forgiveness Debt Relief Act of 2007
- If not qualified, what my tax reliability on the forgiven mortgage debt is
- What if lender does not send me a 1099 form.
- etc.

I think this list is mssing some important questions so I would like to hear from you all who had talked to CPA/attorney regarding to SS or FC.