What is the effects of letting an investment property go into foreclosure?
I have been trying to find out what happens when letting an investment property go. Is it the same as a normal foreclosure or short sale, where you get taxed on the difference? Or is there some other route this takes. Just a question not my situation!
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Answer by infinite crisis 247
it is similar, except for the biggie. when the bank sells the property as at a shortage, you will get hit with a 1099 for the shortfall. this will be considered income to you. as the property was a non owner occupied investment property, you will not be protected from the 1099.
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I still think they owe me 400... but it is a good point that free range organic eggs are expensive these days. Either way, those girls better get crackin if I am to get my money back on this deal...
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