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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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What are the tax implications in california with ...

Customer Question

What are the tax implications in california with foreclosure of home that is worth 200000 less then owed. My husband had an accident and we have been short on income since march. We have tried to talk with 1st mortgage and 2nd neither are willing to discuss any modifications because we are still current at this point. Our first is a loan that was refinanced since original purchase and then the second. We are wondering with being so upside down what would be the tax implication if we were to stop paying only the second and also what would happen if we stopped paying on both. Would we be tax liable for any amount.
Submitted: 9 years ago.
Category: Tax
Expert:  RD replied 9 years ago.

Please respond to question on the other post.