Belt Auction

what will be my liabilities on home being foreclosed in las vegas?

my home is going into foreclosure in las vegas. this isnt my primary home we tried to short sell had an offer the the bank accepted but the mortgage insurance company didnt accept it and wouldnt release the house. they wanted a promissary note that was too much for us so we offered them less and they didnt accept. even the negotiator at countrwide couldnt understand why they would accept it because countrywide feels they can only get 200-220k for home in auction and the offer we had was 259k. the insurance company will have to pay countrywide regardless if its short sold or foreclosed on. they could have short sold it for more money than they will get in foreclosure so they would have to pay less and plus they would have gotten our offer. now we are not giving them anything and there liability will be more since the home will probably sell for less. My question is will anyone come after us for money? alot of people tell me they wont because it cost too much.

Public Comments

1. Unfortunately I can't answer your question but this is another representation of the way this country screws the individual. In the 80 the government swooped in and bailed out a crap load of S & L. To the tune of 124,000,000. Passed on through direct taxes or charges on their customers accounts. Then we sit here with the paper everyday discussing whether or not the gov. should once again step in and save Freddie Mac and Fannie Mae. At a cost to the tax payer again. So here's the government willing to bail out these "to big to fail" corporations and yet everyday people are losing their homes and there is no rescue for them. My question is, if the government comes in and gives them the funds needed to survive (essentially paying off the loans that have defaulted wouldn't those loans then been paid off. So why must they still come after the consumer? That's like getting paid twice. Unless they have to repay the gov., who uses the peoples money to do it. The people don't get that money back do they? Maybe try sending the request through to a new person, I find a lot that one person will tell you one thing and then another will tell you something different, and then the other will tel you exactly what you want to hear. appeal their decision if possible to stall the process.
2. They, meaning the feds, have recently changed the laws concerning this. It was that what ever the amount was that was forgiven was taxed as regular income and you would get a 1099 for it. Now there is a cap so lets say 250,000 was forgiven and the cap is 240,000 you would get a 1099 for 10,000. I don't know what that cap is but if you get online to the HUD web site it is full of info on foreclosures. The IRS has a 1-800 help line as well.