I have a question about their foreclosure laws. I have been doing some reading and not sure if I have it right. This is for my aunt and her husband.
Situation purchased a home in husband's name several years ago. Owe 90K.
Purchased a foreclosure recently in both husband and wife's name no loan.
First home for sale have lowered the price to 110 K and still unable to sell.
Thinking of walking away.
Concerns: Bank could come after them for balance after sale. Can bank come after their new home? Will there be an IRS consequence or only if the bank does not come after them for judgment? Any help would be great.
Situation purchased a home in husband's name several years ago. Owe 90K.
Purchased a foreclosure recently in both husband and wife's name no loan.
First home for sale have lowered the price to 110 K and still unable to sell.
Thinking of walking away.
Concerns: Bank could come after them for balance after sale. Can bank come after their new home? Will there be an IRS consequence or only if the bank does not come after them for judgment? Any help would be great.