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Questions to ask when talking to attorney and CPA

Discussion in 'Foreclosure Laws' started by hopelessinCA, Sep 24, 2011.

  1. hopelessinCA

    hopelessinCA LoanSafe Member

    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.
  2. TomEason

    TomEason LoanSafe Guide Staff Member

    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.
  3. hopelessinCA

    hopelessinCA LoanSafe Member

    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.

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