I’m planning to foreclose my property. Am I entitled to the Mortgage Debt Forgiveness Act?

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I buy my house for $ 595K and I can’t afford to pay my mortgage anymore. The drive-by appraise value of the property now is about $ 420K. Say that the lender will sell the property for $ 420K, do I have to pay tax for the difference or I’m entitled to the Mortgage Debt Forgiveness Act? Also, can the lender go after me for the difference of the loan and the selling price. By the way the property is here in California

2 Comments
  1. Reply
    dannyboy0307
    February 8, 2011 at 3:16 am

    Have you tried instead short-selling? You would have to come to an agreement with the lender. If you could it would be much better than foreclosure.

  2. Reply
    Jennifer
    February 8, 2011 at 3:46 am

    Hi,
    I used “Credit Solution” to settle my debt and avoid foreclosure.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://d6b0.easyurl.net

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