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NYCLAWYER
NYCLAWYER, ATTORNEY
Category: Tax
Satisfied Customers: 54246
Experience:  BUSINESS LAWYER
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I own 4 houses, and cannot pay for 2 of the 4. One is a rental,

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I own 4 houses, and cannot pay for 2 of the 4. One is a rental, and one is our primary residence. We will move back into one of the last 2 remaining rentals and keep one rental property. Can the bank go after our 2 remaining properties? I'm in Arizona.
Submitted: 6 years ago.
Category: Tax
Expert:  NYCLAWYER replied 6 years ago.
is the loan non recourse?
Customer: replied 6 years ago.
I believe so.
Expert:  NYCLAWYER replied 6 years ago.
Then the lender cannot pursue other assets aside from the collateral securing the loan.
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Customer: replied 6 years ago.
We do have a 50,000K HELOC we took out on our primary property. Do we have to pay that back entirely or will we just be taxed as ordinary income?
Expert:  NYCLAWYER replied 6 years ago.
I cannot comment on tax implications. I will send it to our tax law section.