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Category: Legal
Satisfied Customers: 17252
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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I have a rental property in Jacksonville, FL tha is currently

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I have a rental property in Jacksonville, FL tha is currently producing a $600/month negative. I am disabled and my wife will be losing her job and we will not be able to afford to keep it. Since our balance is $202500, and the comps in that area now run about $149000 average, refinancing likely will not work. What are the legal and tax ramifications of walking away via either short sale or foreclosure
Submitted: 7 years ago.
Category: Legal
Expert:  WALLSTREETFIGHTER replied 7 years ago.
under federal law their will be no tax issues, however the lender could sue you for the balance, and if they do they can freeze your bank accounts and garnish your wages, but not touch your SS or disability.
Customer: replied 7 years ago.
Can the Lender sue if it was a non-recourse loan?
Expert:  WALLSTREETFIGHTER replied 7 years ago.
florida is a non recourse state so they could not sue you,
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