Say I owe $200,000 left on my mortgage balance, and I then short sell it for $130,000. What happens do the remaining $70,000? Does the bank just eat it or is there a tax liability? If that would be a tax liability, then what is the point of even having that loan modification program that was put out there by Obama?
when u short sale your home, what happens to the remaining balance owed?
- Thread starter mr. t
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