Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

I need to know what happens if I let my home go into foreclosure…

Customer Question
I need to know what...
I need to know what happens if I let my home go into foreclosure at tax time.
Submitted: 8 years ago.Category: Legal
Show More
Show Less
Ask Your Own Legal Question
Answered in 1 minute by:
6/25/2010
Lawyer: Ely, Counselor at Law replied 8 years ago
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,583
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Verified
Hello,



My name is XXXXX XXXXX I am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.



Please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



What will happen is that eventually, they will foreclose the property and sell it at auction. They may also go after you for deficiency - the difference between their auction sale and they money they would have made from you. You generally have three options.NEGOTIATIONContact them and explain that you have received an “x” amount of funds and that you would like to propose a settlement. Usually starting like that will get their attention.
Also you might mention that you are attempting to clear up all of your debts in order to avoid being forced to file bankruptcy. These are usually very good key phrases.
The end of the month is also the best time to get best deals, so let them know that you can settle before end of month (also a good key phrase).CREDIT COUNSELING / DEBT CONSOLIDATION
This is a free service offered by a non-profit that will negotiate with creditors to establish a debt management plan (DMP) for you. The DMP often includes lesser payments per month and maybe even an overall lesser debt. While many promise 50% cut, a cut of 10% to 20% is more likely.This is a good option, but your credit will reflect it, and your credit might suffer a little because of it.BANKRUPTCYWiping the slate clean and getting to keep a lot of your stuff (house, car, jewelry, thousands in cash, etc, etc – basically a LOT) is a good plan for many who just are FED UP, and it might work for you if you really feel you will never ever pay the debt off. Your credit will be down in the dumps for seven years, but then you will emerge reborn. You generally have two options available for personal bankruptcy:-Chapter 7, which basic liquidation of many assets and the quickest; and-Chapter 13, if you have a steady income, it allows non-liquidation and the Court sets up a a plan to repay all or part of what you owe.



Best of luck in your matter. I'm here if you need any more clarification or follow up information.



I hope you found my answer helpful, and if so please click on the ACCEPT button. This is the only way for me to get credit for my work - when you put in your payment information, I receive no credit for my time with you unless you press ACCEPT.



There is no fee for follow up questions should you wish to continue in this thread.



Remember, sometimes the law under which your situation falls does not give you the outcome or the choices you wanted - please understand that this is not the attorney's fault, but the way of circumstance.



There might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



If you feel that I went an extra step to help, a bonus would be appreciated!



You can always request me for a future legal consultation through my profile at http://www.justanswer.com/profile.aspx?PF=7286322&FID=7 If you do this, make sure to begin the question with “This Question is for Eli…”




















Ask Your Own Legal Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Ely Your Own Question
Ely
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,583
103,583 Satisfied Customers
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

Ely is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Ely

Ely

Counselor at Law

103,583 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

22,843 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

44,266 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo Senmartin

Guillermo Senmartin

Lawyer

301 satisfied customers

Principal Attorney at Guillermo J. Senmartin, P.A.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

17,183 satisfied customers

Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.

< Previous | Next >

Related Legal Questions
What is the best way to gift a distressed home mortgage
What is the best way to gift a distressed home mortgage payoff? I am an artist who would like to promote economic alternatives, as well as “bail out” distressed home owners who aren't likely to bounce… read more
socrateaser
socrateaser
1,031 satisfied customers
MY HOUSE IS UNDER FORECLOSURE AND WAS TO BE AUCTIONED OFF ON
MY HOUSE IS UNDER FORECLOSURE AND WAS TO BE AUCTIONED OFF ON MAY 6, 2015 AT 10 AM CENTRAL TIME, I WENT TO THE FORECLOSURE SALE AND MY HOUSE DID NOT COME UP. I ASKED THE PERSON WHO WAS LEADING THE AUCT… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,986 satisfied customers
I have a callateral on my home do to a bussiness witch was
I have a callateral on my home do to a bussiness witch was auction off.And know I have a definecey of a large sum . And they will be going into foreclosure. I have equity loans on my home. Is there an… read more
MShore Law
MShore Law
Doctoral Degree
1,233 satisfied customers
I have a real estate question. I have just refinanced my underwater
I have a real estate question. I have just refinanced my underwater mortgage through Chase with the HARP program. First payment due 6/1/12. Unfortunately my mother passed away 2 weeks ago and I need t… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,986 satisfied customers
my home was hit hard by major flooding and there is not much
my home was hit hard by major flooding and there is not much left to salvage. I have a federal tax lien on the property but was going to try and short sale it or foreclose on it. What happens to the l… read more
MShore Law
MShore Law
Doctoral Degree
1,233 satisfied customers
I had to let a home go into foreclosure because of a domestic
I had to let a home go into foreclosure because of a domestic partner running off to Montana. Long story, not sure if you can even answer me. The home was taken back by the bank and was resold 4 month… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I have a mortgage in CA. that I have had for 7 years bought
I have a mortgage in CA. that I have had for 7 years bought the home for $380k put $80k down and have never been late on a payment have a second on it through a credit union with a balance of $24k. No… read more
KimberlyLaw
KimberlyLaw
Principal Attorney
Master\u0027s Degree
3,911 satisfied customers
My father passed away earlier this year. He owned a fully paid
My father passed away earlier this year. He owned a fully paid for mobile home in a Palm Springs, California mobile home park. Several years ago, the park was converted to individual ownership with an… read more
Joseph
Joseph
Attorney
Doctoral Degree
7,245 satisfied customers
what is the first step in letting your house go after you have
what is the first step in letting your house go after you have tried to refinance ad the home is 400000.00 upside down. I am current on my payments and I also have to relocate to california because of… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I have mortgages on two properties. If I foreclose on one,
I have mortgages on two properties. If I foreclose on one, is their any concern about a lien being placed on the other? If so is there anything I can do to protect the second property? Would there be … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
My family has grown and we have to move to a bigger home.We
My family has grown and we have to move to a bigger home.We live in ca. We have pre-qualified for a new home loan and plan to purchase. Our current home is underwater by 100K. We plant to rent it out.… read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
My husband and I are considering letting our house foreclose.
My husband and I are considering letting our house foreclose. We haven't be able to pay our property taxes in 2 years, about 25,000. Our mortgage company automatically added them to the our loan. They… read more
MShore Law
MShore Law
Doctoral Degree
1,233 satisfied customers
Good afternoon. My wife and I own two homes with different
Good afternoon. My wife and I own two homes with different lenders. I have been unemployed for several months, and my wife's company just filed for bankruptcy last month, and her position will be endi… read more
Dave Kennett
Dave Kennett
Doctoral Degree
25,741 satisfied customers
Im a Realtor and I have a client who owns 2 homes. They are
I'm a Realtor and I have a client who owns 2 homes. They are doing a short sale on the home they lived in for 14 years but no longer occupy it. They rented it out for one year on a negative cash flow.… read more
Steinlaw
Steinlaw
Attorney/Principal
JD
1,704 satisfied customers
is there any law out there that says, lenders are obligated ...
is there any law out there that says, lenders are obligated to work with buyers on trying to save they''re homes from forclosure?… read more
Bill F.
Bill F.
Associate Degree
1,110 satisfied customers
what happens if my home is foreclosed on, in terms of ...
what happens if my home is foreclosed on, in terms of my credit, and if I own another home?… read more
Bill F.
Bill F.
Associate Degree
1,110 satisfied customers
ex-mother n law on loan of home and my ex-husband and ...
ex-mother n law on loan of home and my ex-husband and I are on title only. I left the home in april of 2006 and he refused to sell the home and continued to occupy the home. It has been brought to my … read more
Bill F.
Bill F.
Associate Degree
1,110 satisfied customers
I currently owe about 459k on my home with a first and ...
I currently owe about 459k on my home with a first and second (for the pool) in California. My home is only worth that right now and I cannot afford to make these payments anymore.I lost my job. I am … read more
P-Leagle
P-Leagle
Tax Accountant
Bachelor's Degree
576 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x