Hello,
My house is in foreclosure, scheduled to be auctioned next weel. The house has a market worth of $350,000.00. My note was transferred to Planet Home Lending. Due to interest, taxes, escrow balance, etc, the amount owed is now $781,000.00. I am writing Planet Home to verify the numbers. My questions to anyone reading:
Do I need declare bankruptcy? If so, when do I begin... before the auction or after, to determine the anount still owed to the mortgage company?
I'm pretty certain bankruptcy will be certain due to:
Planet Home seeking a deficiency judgment for the difference Planet Home issuing me a 1099-C form, which requires to pay tax due to cancellation of debt income
In the case above, is my foreclosure considered a non-recourse loan? I am in New York if that matters.
Thaks for your help, Bob
Submitted February 03, 2019 at 12:54PM by BobLI http://bit.ly/2D1caC8
