QUESTION
If I give my house back to a mortgage company because i can''t pay for it, i think its a deed in lieu, will i still have to pay back the total mortgage
Asked on Aug 18th, 2011 on Residential Real Estate - Pennsylvania
More details to this question:
I live in Maryland but the house i own is in Pennsylvania. It is for sale but no one has bought it yet and i can''t make the payments anymore. What would happen if I gave it back to the mortgage company? Would i get a 1099 misc for the total mortgage amount? Any information regarding this in PA would be helpful.
1 ANSWER
Harper Dimmerman
No. However you need to ensure that any deficiency judgment is waived as part of the deal. Also, there may be tax (income) consequences and hence you should confer with a CPA/accountant as well.
Answered on Aug 19th, 2011 at 6:23 PM