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Question: Bankruptcy - California

Asked on 7/17/2009
Should I surrender my investment properties BEFORE filing Chapter 13? Should I shortsale or deed in lieu?
I am planning on filing chapter 13 and have been advised to surrender the properties before I file. so I am debating if I should let it foreclose, sign a deed in lieu or short sale. I have several investment properties that I am trying to short sale. we finally got the approvals and waiting for the closing docs so we are waiting for closing docs any day now. question: if a short sale results in a 1099 and a deed in lieu results in a 1099 then why do a deed in lieu??? should I complete the short sales?

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Answers (1):

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The wrong step could cost you thousands of dollars in income taxes. You need an experienced lawyer because chapter 13 is difficult to manage. There are a lot of issues raised by the existence of the mortgage loans.



  • Answered on 8/13/2009
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