Rental property (Arizona), used to live in over 12 + months – Reprocussions short sale?
Property in Arizona that I bought in July 2006 and served for 12 months before it is on the east coast in July 2007. I’ve never been late or missed a payment on my mortgage. I am now a house on the East Coast where I live and have been renting the house in Arizona for 3 years. My head is $ 160K in the House and Arizona out of pocket $ 1,000 + a month at the end of the mortgage, hoa, taxes, etc. I currently have a list of properties is not an agent in an attempt to short sale, but with so many homes on the market, it is not always popular. My question is, if I am able to complete a short sale, I am responsible for paying taxes on the amount of breaks mortgage company, I’m going to have the mortgage company come after me because of the difference because it is a rental building on. Please note that the loan nor the original loan from which we lived there, so it is not a “second property” or “investment property” tax lady “For Darlehen.Um assure you that I’m on the same page and understanding that you bought for $ 270,000 richtig.Ich 07/2006.Ich lived for 12 months and built in 07/2007 a tenancy and the JVM (not counting the 35K $ depreciation would be), then $ 235,000. fell from 07/2007 to date about my JVM. $ 100,000 for a total write-downs at a rental of $ 135K.Wenn I understand you correctly and I am short selling $ 100K, my mortgage company to a loss of $ 170,000 in total, and when I mean $ 135K minus depreciation during a car that leaves me with $ 35,000. Are you saying that I report $ 35,000 as income on my taxes? I think that’s what you’re trying to say. Look forward to your comments and I thank Ihnen.PS Do you know if the mortgage company may come after me the difference or do I qualify under the law of Arizona Anti-Deficency?