What is the name of your state? CA
If I let my home go into forclosure, will I be resposible for the taxes due? If it sells for less than I owe, am I going to be taxed? Or sent a 1099? Currently I have never missed or made a late payment, but I may not be able to keep paying the mortgage, especially if my ARM increases 3%. Should I stop the payments and let it forclose? Or am I going to be slammed with taxes if I do this?
If I let my home go into forclosure, will I be resposible for the taxes due? If it sells for less than I owe, am I going to be taxed? Or sent a 1099? Currently I have never missed or made a late payment, but I may not be able to keep paying the mortgage, especially if my ARM increases 3%. Should I stop the payments and let it forclose? Or am I going to be slammed with taxes if I do this?