Foreclosure
What Happens When They Come For YOU
February 17, 2010 by Financemyhome · Leave a Comment
While this posts title is just a play on the TV show COPS, it is possible that if you sell a home short or have a foreclosure that results in a loss, that the lender could pursue a deficiency judgement. In MN, they are doing this more often. The LAST thing I am giving anyone is tax or legal advice. Just be aware of the fact in MN, lenders can choose how they foreclosure. A judicial foreclosure can result in pursuing a deficiency vs a foreclosure by advertisement. There are resources like http://www.HOCM.org which provide Minnesota consumers with information and possibly assistance with trying to figure out options and repercussions. Research the Mortgage Tax Forgiveness Act of 2007, extended in 2009 until the end of 2012. Also call the IRS at 1800-829-1040 or visit them online at IRS.gov
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